Stationer's station shops prevent stationary results

Stationery and books chain WH Smith yesterday hailed a strong performance from its airport and train station sites, helping it to weather tough trading conditions.

The group's sales dropped 4 per cent to 686 million in the six months to 28 February, but with the help of tight cost controls and a focus on margin improvement it still posted a 3 per cent rise in profits to 64m.

The travel business - which operates from 532 outlets at airports, train stations and motorway service areas - increased operating profits by 9 per cent to 25m, even though like-for-like sales fell 3 per cent in the face of softer passenger numbers and disruption to air and rail services before Christmas.

WH Smith said its high street estate delivered a resilient performance, with profits remaining at 47m for the half-year period. Sales at the 581-store division were down 6 per cent on a like-for-like basis. The company said the book market continued to be difficult but that efforts to build its reputation as a popular books specialist had paid off.

The interim dividend rises 18 per cent to 7.2p.