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Amazon Web Services (AWS) has revealed plans to allocate £8 billion towards the development, operation, and maintenance of data centers across the UK over the next five years. This major initiative is driven by the increasing demand for cloud computing and artificial intelligence (AI). AWS projects that this expansion could contribute approximately £14 billion to the UK's GDP and generate around 14,000 jobs annually.
Tanuja Randery, AWS Vice President for Europe, the Middle East, and Africa, underscored the significance of the investment, commenting: “The next few years could be among the most pivotal for the UK’s digital and economic future.”
In a separate update, WH Smith PLC reported robust financial results and completed its pension fund buyout. The company’s performance for the financial year ended strongly, with results aligning with market expectations. The group experienced a 6% increase in revenue for the fourth quarter compared to the previous year, marking an improvement from the 5% growth observed in the third quarter. This contributed to a total revenue growth of 7% for the year.
The Travel segment, which includes stores located in stations and airports, saw a notable 9% increase in sales for the past quarter and a 10% rise for the year. Conversely, the high street business faced a 6% decline in sales, continuing its trend of managed reduction.
Like-for-like sales for the group increased by 4% in the fourth quarter, maintaining the same growth rate as the third quarter. This resulted in a 5% growth in like-for-like sales over the entire year.
Following the successful completion of the buyout of its defined benefit pension scheme, WH Smith is no longer required to make contributions to the pension fund. The company received a substantial cash refund and an investment fund, which will be converted to cash over the next two years. As a result of these developments, WH Smith’s shares rose by 13% to 1,383p on Wednesday morning, nearing a 12-month high.
