WH Smith plans to buy back £50m more shares

WH Smith is to double its share buyback scheme by mopping up another £50m of stock, the retailer said yesterday.

In October the group announced a share repurchase programme for the 12 months to 31 August of £50m, which was then extended by a further £5m.

The group will now buy back another £50m for the year ended 31 August 2012.
The retailer is seen as one of the few high street names that has weathered the consumer downturn relatively well, with profit fuelled by the firm’s travel outlets and cost cutting.

The company said the buyback will be “managed by an independent third party” but did not identify who that was.

Chief executive of the FTSE 250-listed company, Kate Swann, was paid £4m last year.