WH Smith has announced it is on track to deliver a full-year performance in line with expectations after reporting a 7% jump in global travel revenue against last year.

The retailer also confirmed that the sale of its UK high street business to Modella Capital is expected to complete at the end of this month.

Posting a trading update to the market for the 13 weeks to 31 May, WH Smith also reported that in its UK division, travel revenue was up 5% against the same period last year.

For its North America division, WH Smith’s total revenue was up 7% on last year on a constant currency basis in the 13-week period, while in its “rest of the world” business, the same figure had climbed by 12%.

In a statement to the London Stock Exchange about its outlook, WH Smith said: “While we are mindful of the broader economic and geopolitical uncertainty, the group is well positioned as we enter our peak summer trading period.

“We are strengthening our focus on cost and cash discipline, and we are in a strong position to capitalise on substantial value creating opportunities that exist across our markets.”

Head of markets at interactive investor, Richard Hunter, commented that strong recent trading had provided some “promising momentum” for WH Smith.

“The sale of the high street business, a strategically sound move which establishes a clear direction of travel for the remaining units, is due to complete by the end of this month,” Hunter added.

“This leaves the group as a ‘pure play travel retailer’, where the reasons behind this burgeoning business are largely due to what the company describes as ‘structurally advantaged growth markets’.

“WH Smith benefits from captive customers in many of its key sites, such as railway stations, motorway services, hospitals and, in particular, airports, which sets it aside from much of the retail competition. The return of near normality in air travel has been a particular boon to this segment of the group.”

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