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British high street retailer WH Smith has reported a total revenue of £1.40bn for the year ended 31 August 2022 (FY22), marking a 58% increase compared to £886m in FY21.

During the fiscal, the retailer recorded total travel revenue grew 131% to £927m, driven by 167% growth in travel UK and 195% in the rest of the world.

WH Smith’s high street revenue declined 2% to £473m over the year.

The retailer posted a total travel trading profit of £89m and a high street trading profit of £33m in 2022.

Its profit from trading operations was £141m and its profit before tax was £63m.

The company reported diluted earnings per share (EPS) of 35.6p in FY22 against a loss per share of 62.6p a year ago.

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By GlobalData

WH Smith chief executive Carl Cowling said: “2022 has been a successful year for WHSmith and we enter the new financial year with the group in its strongest-ever position as a global travel retailer with multiple growth opportunities across the world.

“The achievements of the last year are due to the tremendous efforts of the entire team around the world for which I am sincerely grateful.”

“We have started the year well and, while there is economic uncertainty, travel patterns globally continue to improve and this, combined with the strength of the Group’s growth opportunities, means that we are well positioned for a year of significant progress in 2023.”

During the year, WH Smith opened 98 new stores in 2022 and won a new store pipeline of 150, which includes 70 in North America.

The retailer plans to open more than 125 stores in this financial year.

Cowling added: “We continue to grow our North American business at pace, and we have a very strong pipeline of new store openings. In the current financial year, our North American business is set to become larger, in profit terms, than our UK High Street business and we see significant opportunities to grow this business further.”

In March this year, WHSmith and online food delivery platform Deliveroo partnered to pilot rapid deliveries in the UK.