UK's WH Smith delays results again over audit review

UK's WH Smith delays results again over audit review | Global Banking & Finance Review | GBAF

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Home > Finance > UK's WH Smith delays results again over audit review

Finance

UK's WH Smith delays results again over audit review

Published by Global Banking and Finance Review

Posted on December 12, 2025

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Tags:accounting financial crisis corporate governance retail trade

Dec 12 (Reuters) - ‌Britain's WH Smith delayed the publication of its preliminary annual ‍results for ‌the second time on Friday, as the travel retailer struggles with the ⁠fallout of accounting failures at ‌its U.S. operations.

Having already postponed once in October, the company had been due to release results for the year ended August 31 on December 16. It will ⁠now push the release date back an additional three days to December 19.

WH Smith said the revised date will provide its auditor, PricewaterhouseCoopers LLP, "further ‌time to complete the required audit ⁠procedures".

Shares of the company fell 2.4% to 651.5 pence in early trading before recovering somewhat to trade down around 1% by 0950 GMT.

WH Smith's shares have dropped around 44% so far this year, recording their worst one-day fall in August when it first disclosed the accounting error.

An independent review of WH Smith's books revealed that earnings from its North ‍America business, its second-largest division, had been overstated. That has since prompted a profit cut and the resignation of its CEO.

WH Smith is also looking at the leadership team of its North America business after the review revealed weaknesses in the finance team's composition and inadequate systems, controls, and review procedures.

The probe does not ⁠cover the new CEO of the regional team, who was appointed less than five months ago, the company said.

The Financial Times had reported in November that the UK financial regulator had made enquiries at the company regarding the probe, while the country's accounting regulator was also weighing a formal ‌investigation into PwC over its role in WH Smith's audit.

PwC declined to comment.

(Reporting by Yamini Kalia in Bengaluru; Editing by Eileen Soreng and Joe Bavier)

Frequently Asked Questions about UK's WH Smith delays results again over audit review

1What is an audit?

An audit is an independent examination of financial information of any entity, whether profit-oriented or not, regardless of its size or legal form. It aims to provide assurance that the financial statements are free from material misstatement.

2What is corporate governance?

Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled. It encompasses the mechanisms through which companies, and those in control, are held accountable.

3What is accounting failure?

Accounting failure occurs when a company's financial statements are misleading or inaccurate due to errors, fraud, or lack of adherence to accounting standards, leading to significant financial and reputational damage.

4What is a financial crisis?

A financial crisis is a situation in which the value of financial institutions or assets drops rapidly. It can result from various factors, including economic downturns, excessive debt, or loss of confidence in the financial system.

5What is stock performance?

Stock performance refers to the change in the price of a company's shares over time, reflecting how well the company is doing financially and how investors perceive its future potential.