WH Smith shares crash 31% after £30 mln overstatement in U.S. business

Published 21/08/2025, 08:06
Updated 21/08/2025, 08:12
© Reuters

Investing.com -- WH Smith (LON:SMWH) plunged more than 31% on Thursday after slashing its profit outlook, revealing a £30 million accounting overstatement in its North American business.

The travel retailer said a financial review ahead of its year-end results revealed the misstatement, which it attributed mainly to accelerated recognition of supplier income in the division.

As a result, WH Smith now expects headline trading profit from North America for the financial year ending Aug. 31 to be about £25 million, down from previous expectations of about £55 million.

The group said it now forecasts full-year headline profit before tax and non-underlying items to be around £110 million.

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