The £102m share sale, comprising about 26m new shares, was launched after North American airport revenues fell 2% year-on-year in the seven weeks to 6 June, prompting the company to cut full-year pre-tax profit guidance to £75m–90m from £90m–105m. The group will also book a £150m non-cash impairment charge and plans to close stores in Europe and North American resorts, while the share price dropped 16.2% to 412.6p. UK regulators are investigating PwC’s auditing of WH Smith’s 2024 accounts after profits were overstated by up to £50m in its North American arm.