WHSmith's worst results ever

WHSmith has posted a massive loss for the 12 months to August 31. The retailer bore a£200 million exceptional charge as a result of business reorganisation costs, resulting in losses before tax of£135 million.

The result is understood to be the worst in WHSmith's 212-year history, but had been widely expected.

Chief executive Kate Swann said: 'The high street retail business delivered an unacceptable performance following weak Christmas trading, which highlighted the operational shortcomings and underlying strategic challenges to the business - Travel Retail has had a strong year of profit growth, benefiting from sound retail disciplines and a stable international travel environment.'

High street retail sales fell 2 per cent to£1.15 billion. Travel retail sales grew 3 per cent to£301 million.