The boss of retail group WH Smith has seen his pay rise by 78% over the past year.
After the Swindon-headquartered retailer saw continued resurgence in its travel stores, chief executive Carl Cowling's received a total pay deal worth £2.91m for the year to August 31, according to the firm's latest annual report.
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Mr Cowling, who has held the top position since 2019 received a £1.63m pay deal last year. Around four-fifths of the larger pay deal was linked to performance-based bonuses after the company saw sales and profits jump.
On November 9 WH Smith reported that sales jumped by more than a quarter over the past year as it was boosted by the continued recovery of the travel industry and new openings. The company said it also saw its profits almost double, as it benefited from higher numbers of travellers at airports and train stations.
Due to this growth Mr Cowling gained £2.25m, of which £998,000 was annual bonus and £1.23m was through the retailer’s long-term bonus scheme. He also got £610,000 through his fixed salary, as well as £15,000 in annual benefits and £37,000 of pension.
WH Smith reported a headline pre-tax profit of £143m in the year to August, compared with £73m a year earlier. Bosses highlighted the firm’s heightened focus on travel stores compared with traditional high street sites, with travel bringing in a £164m trading profit compared with £32m from its high street arm.
Group revenues for the year increased by 28% to £1.79bn, as it was supported by a 36% increase in revenues through its UK travel business. High street sales, however, fell over the year, dipping by 1% to £469m.
The firm also benefited from its continued expansion, opening more travel sites under the WH Smith and InMotion brands.
