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11 November 2021 ● ● ● ● ● ● WH SMITH PLC PRELIMINARY RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 AUGUST 2021 Improving trends in Travel ; well positioned for the recovery ; successfully won all technology stores in UK airports Good start to new financial year ; well positioned to return to meaningful profit in 2022 Improving trends in Travel over recent months with total Travel revenue at 84 % of October 2019 Focused plan on customer conversion , increasing average transaction value ( ATV ) , category development and cost management continues to drive performance Strong position to benefit from growth opportunities with over 100 new stores won and planned to open in Travel over the next three years with 58 in North America Successfully won all 30 technology stores across UK airports ; InMotion brand is now the global leader in this category in travel locations with further growth opportunities Good recovery in North America . Trading profit * of £ 6m and significant new business wins at major US airports High Street trading profit * of £ 19m with good cash generation ; record performance from funkypigeon.com Headline loss before tax and non - underlying items of £ 55m , reflecting global travel restrictions Strong balance sheet following refinancing announced in April 2021 ; free cash generation of £ 14m ; access to over £ 350m of liquidity as at 31 August 2021 Carl Cowling , Group Chief Executive , commented : " The Group has delivered a good performance in the evolving trading environment . Thanks to the outstanding efforts of all our colleagues across the business , we have continued to adapt successfully to the changing environment and we are now in a strong position to grow our business as our markets continue to recover , returning to meaningful profitability in the current financial year . " In Travel UK , we are delighted to have won all 30 of the technology stores across UK airports . This is a significant win for the Group and we look forward to showcasing the very best of our US brand , InMotion , in these locations . These latest wins mean InMotion is now the largest technology retailer in travel locations in the world , and we see plenty more opportunity to grow the brand globally . " In addition to the InMotion stores in the UK , we have a very strong pipeline of new store openings with over 100 stores already won and due to open in Travel over the next three years - the majority of these in North America . We expect more space to become available as our markets recover and we are very well positioned to benefit from these opportunities . " Despite the challenges of the UK high street , more generally , our High Street business has delivered a resilient and profitable performance . Our online businesses have delivered strong growth in the year , including a record performance from funkypigeon.com . " I would like to take this opportunity to thank the entire team for their outstanding contribution in another challenging year . We have made excellent progress and none of this would be possible without their hard work and commitment . " We are a financially strong and resilient Group with significant opportunities to grow . While we continue to plan with caution , the Group is well positioned to capitalise on the recovery in our key markets and take advantage of the many exciting opportunities ahead . " * Pre - IFRS 16 1