# WH Smith warns on profit and plans equity raise as airport passenger numbers dip

By Dan Coatsworth — 2026-06-10

Dan Coatsworth, head of markets at AJ Bell, said: “WH Smith is in a tricky situation with a downturn in trading coming off the back of an accounting hiccup.

“It’s not the best conditions to go cap in hand to shareholders.

“The Middle East conflict has pushed up fuel costs for the airline sector and led to weaker travel demand, partially down to consumers being worried about a potential fuel shortage if the Iran war rumbles on.

“WH Smith’s decision to go all-in on the travel sector last year was unfortunately timed given what’s happened in the Middle East.

“There isn’t a lot the company can do apart from shore up its finances in the hope a cash injection will help it battle through difficult market conditions.

“Shareholders might take the view that its long-term prospects are still good, but their patience has already been tested by the company’s recent overstatement of profits and share price collapse.

“They will want as big a bargain as possible on the fundraising now to warrant the risk of putting up even more money to back WH Smith.”

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