WH Smith: posts lower profit but raises dividend
(CercleFinance.com) - WH Smith's profit slipped 1 percent in the first half of its financial year, due to stagnating sales, but the British newspapers and books retailer raised its dividend due to confidence in its future growth prospects.
WH Smith said on Thursday that it had earned group profit before tax of 82 million pounds over the six months ended 28 February, compared with 83 million pounds a year earlier.
Total group revenue was flat compared to last year at 643 million pounds, with like-for-like revenue down 1%.
However, the group is proposing an interim dividend of 16 pence per share, up 10% relative to last year, to reflect the company's confidence in future prospects, the strong cash generative nature of the business, and the positive outlook for the full year, it said.
Shares of WH Smith are currently down 0.4% at 1,971 pence on the London Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
WH Smith said on Thursday that it had earned group profit before tax of 82 million pounds over the six months ended 28 February, compared with 83 million pounds a year earlier.
Total group revenue was flat compared to last year at 643 million pounds, with like-for-like revenue down 1%.
However, the group is proposing an interim dividend of 16 pence per share, up 10% relative to last year, to reflect the company's confidence in future prospects, the strong cash generative nature of the business, and the positive outlook for the full year, it said.
Shares of WH Smith are currently down 0.4% at 1,971 pence on the London Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.