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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.
In the travel unit, January revenue was at just 35% of 2019 levels and February revenue at 33%.