WH Smith launches £50m share buyback after strong summer

Rise in travel-related sales benefits retailer, with group revenue up 7% in year to end of August

WH Smith is to give investors a 50m windfall as holidaymakers snapping up travel essentials helped boost summer sales at the retail chain.

The retailer said it would launch a 50m share buyback - a move that could increase its share price - in a reflection of the strong cashflow in the business, a healthy balance sheet and after receiving 85m from the buyout of its pension fund. Its shares jumped more than 12% on the announcement.