Dan Coatsworth, head of markets at AJ Bell, said: “It’s never a good look when a company delays its financial results once, let alone twice as in the case of WH Smith.
“Postponing the results again suggests WH Smith’s auditor has either found something troubling in the accounts or the retailer wants to be doubly sure its figures are as transparent as a pane of glass.
“The accounting problems unearthed earlier this year were a major shock, implying that management didn’t have proper sight of how the US operations were run.
“The share price collapsed as the market feared the former UK high street staple was not the rock-solid business that people previously thought.
“The chief executive has already fallen on his sword, WH Smith last month downgraded its earnings guidance, and it emerged that the UK financial regulator was scrutinising the business.
“Certain investors have run a mile, fearing there could be more skeletons in the closet.”
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