How Covid-19 has had a significant impact on WH Smith but it beats expectations

However, the business has faced a tough few months, with revenue only 59 per cent of 2019 levels in the 20 weeks to January 16.

To date, January has proven the worst month out of the last five, with group revenue falling to 46 per cent of last year's level, down from 67 per cent last month.

Carl Cowling, chief executive of WH Smith, said: "Covid-19 continues to have a significant impact on the WH Smith Group, however we are pleased with our performance over the Christmas period which was better than anticipated.

"Our key priority is the health and wellbeing of both our colleagues and our customers and continuing to provide a safe environment for them.

"In our high street business, we worked hard to navigate our way through the evolving Covid restrictions as we approached the Christmas trading period. This positioned us well, resulting in a better than expected Christmas with sales in December at 92 per cent of 2019 levels.

"Our online businesses continued to deliver significant year on year growth in the period.

"In our travel business, we saw little change in the environment prior to the current lockdown, as expected, with sales in December at 36 per cent of 2019 levels.

"We remain focused on average transaction values which continue to grow, cost control, and operational efficiencies and I am pleased with the progress we are making, particularly given the backdrop of significantly reduced passenger numbers.

"In North America, we have seen a quicker recovery versus the rest of the world, given the higher volume of domestic travel.

"We generated cash during November and December and ended December with a stronger cash position than anticipated with liquidity of £90m, which is materially ahead of our original plan.

"I am extremely grateful to all our colleagues around the world and, in particular, our store teams who have worked exceptionally hard throughout what has been a very challenging period.

"We remain well placed to navigate our way through this ongoing period of uncertainty and benefit from the recovery of our key markets in due course."

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Thank you

James Mitchinson