Profits at WH Smith ticked up in the first half of the year as the rising popularity of spoof humour books made up for a fall in sales of adult colouring books.
WH Smith, which has more than 1,300 stores mostly in the United Kingdom, said profit before tax for the six months to February 28 rose to 83 million pounds ($104 million) from 80 million a year ago.
WH Smith has raised its interim dividend payment by 9% to 14.6 pence per share.
Its profits from its outlets in airports, railway stations, motorway service stations and workplaces went up 11% to £39m as passenger numbers rose. High Street trading profit remained flat at GBP53 million.
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At the start of trade in London shares in the business fell more than 2.6 per cent. Stationery performed particularly well over the Christmas period driven by strong sales from our new seasonal product ranges and books benefited from good sales of spoof humour titles.
Analysts at Canacord Genuity said WH Smith remains one of the best managed businesses within the General Retail sector in its view, with an enviably long track record of profit growth and cash generation.
Mr Clarke said that the company, which celebrates its 225th anniversary this year, was investing £49m this year, with the majority of spending on its high street business, where it is putting in post offices and refurbishing shops.
"Travel, aided in more recent years by expansion into the global arena, is the key sentiment and valuation driver".
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