Stationer and book store WH Smith was hit by falling profits in the six months to February, as weak publishing trends over the Christmas impacted on sales.

Results last year were boosted by sales of spoof humour books, especially over the Christmas period, a trend which seems to have dissipated this year.

Group profit dropped down 1 percent year-on-year over the second half of the year, despite a growth in its travel division.
Stores at airports and train stations reported a 5 percent growth in profits over the period, despite a 6 percent decline at its High Street stores.

Revenue was flat, and down 1 percent on a like-for-like basis. Management has raised its dividend 10 percent to 16p.

Chief executive Stephen Clarke said he was “confident” of the outcome for the full year, despite noting some “uncertainty in the broader economic environment”.

Chief executive Stephen Clarke said there was “no publishing trend to match last year’s strong sales of humour books over Christmas”, but he applauded the company’s “good” high street performance on stationery and seasonal sales.