WH Smith shares plunge almost 40% after retailer’s £30m accounting error

Group cuts profit forecasts and launches review after mistake relating to North American arm

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WH Smith shares have plunged almost 40% as the retailer cut financial forecasts and launched an independent review after discovering an accounting blunder that led it to overstate profits by £30m.

Investors wiped almost £550m off the retailer’s market value on Thursday morning as it reported the multimillion-pound accounting error, sending the stock price down to £6.76 a share.