£30m blunder hits WH Smith

SHARES CRASH OVER PROFIT WARNING

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NEARLY £600million was wiped off WH Smith's value yesterday after it revealed a £30million accounting blunder.

Shares in the retailer crashed more than 40 per cent as it issued a shock profit warning. The firm, which sold its UK high street division in June to focus on stores in airports, railway stations and elsewhere, said it discovered trading profits in its North America arm had been overstated by about £30million.