Retail arm shares begin trading today
WHSmith has split into two companies today, with the retail arm and news distribution operation trading separately on the London Stock Exchange.

WHSmith is now the holding company for the retail business only, while the news distribution business is trading under Smiths News.

Evolution analyst Nick Bubb said: 'Starting with no debt, we expect WHSmith to generate about£30 million of net cash a year, suggesting that it will have net cash of£60 million in two years' time, making it vulnerable to another private equity bid.'