WH Smith has delayed its preliminary results announcement again to 19 December, after previously pushing the date back at the end of October.

The travel retailer was initially set to publish its financial results for the year to 31 August on 12 November, but this was moved back until 16 December.

However, the firm has postponed its publication again, moving the announcement back by three days.

The delay comes after WH Smith saw its share price drop by over 40% in August, following an accounting error that knocked £30m off its full-year profit guidance. This led to Deloitte being appointed to conduct an independent review into this matter.

Furthermore, the retailer’s chief executive officer, Carl Cowling, offered his resignation last month following the error.

Following the second postponement of its preliminary results announcement, shares in WH Smith dropped by almost 2%. In the year to date, the retailer’s share price has fallen over 44%.

Head of markets at AJ Bell, Dan Coatsworth, said it is “never a good look” when a company delays its financial results.

He added: "Postponing the results again suggests WH Smith’s auditor has either found something troubling in the accounts or the retailer wants to be doubly sure its figures are as transparent as a pane of glass.

"The accounting problems unearthed earlier this year were a major shock, implying that management didn’t have proper sight of how the US operations were run. The share price collapsed as the market feared the former UK high street staple was not the rock-solid business that people previously thought.

"The chief executive has already fallen on his sword, WH Smith last month downgraded its earnings guidance, and it emerged that the UK financial regulator was scrutinising the business. Certain investors have run a mile, fearing there could be more skeletons in the closet."

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