9 March 2021 | 07:24am
StockMarketWire.com - Book and convenience store retailer WH Smith said it was burning through less cash than feared after its high-street business performed better than hoped in January and February.
WH Smith also announced that it had extended the maturity of two existing £200 million term loans to October 2023 and agreed new minimum liquidity covenants.
Cash burn over the period January to March was now expected to be around £12 million-to-£17 million versus previous guidance of £15 million-to-£20 million per month.
In the high-street business, revenue in January was at 74% of 2019 levels, and in February it was at 84% of 2019 levels, ahead of the company s expectations.
22 February 2021 | 16:38pm
StockMarketWire.com - Details of the UK s reopening plan helped give the FTSE 100 a lift on Monday afternoon with the index recovering earlier heavier losses to trade down just 0.18% at 6,612.24.
Hospitality, retail and travel stocks all rallied with pubs group JD Wetherspoon up 8.7% to £13.43, budget airline Jet2 rising 7.2% to £13.14 and WH Smith gaining 6% to £17.85.
By 4.30pm UK time the S&P 500 was down 0.6% to 3,884.42.
Security group G4S slumped 9.8% to 242.6p after private equity firm GardaWorld said it wouldn t raise its 235p offer for the company, cooling hopes of a bidding war.
G4S had rejected GardaWorld s offer in favour of 245p bid from Allied Universal.