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Date: Thursday 09 Oct 2008

LONDON (ShareCast) - Full year profits at newsagent WH Smith were pretty much in line with expectations, rising 15% before tax and exceptional items, although like for like sales fell 2%.

The UK mid-cap said group profit before tax and exceptional items for the year ended 31 August jumped to £76m from £66m in 2007. Last year’s figure included a one-off gain of £10m.

Sales were up 4% during the 12 months, but the like for like slip matched the drop seen in the first 13 weeks of the second half. Like for like sales at the travel business rose 1%, but fell 3% on the high street.

“Given the current consumer environment, we are expecting a competitive Christmas trading season,” said chief executive Kate Swann. “We have planned accordingly.”

In a separate statement, the firm said finance director Alan wants to leave the company to pursue other business interests. He will be replaced by Robert Moorhead, current finance chief at the retail business.

A final dividend of 9.7p is proposed, up 20% on the year before.

An interim management statement is due on 12 November.

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