MARKS & SPENCER suffered a £131million profits slump after the major cyber attack that disrupted trade, halted online clothing sales and left shelves empty.
The high street retailer said adjusted pre-tax profits dropped by 23.8 per cent to £671.4million in the year to March 29.
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Marks & Spencer suffered a £131million profits slump after the major cyber attack that disrupted trade, halted online clothing sales and left shelves empty Credit: Reuters
Chief executive Stuart Machin, above, and chairman Archie Norman were among 63,000 employees who will not receive a bonus this year Credit: Free for editorial use
Revenue fell to £13.8billion after the company was hit by problems caused by the damaging hack around the Easter weekend last year.
It forced the suspension of online sales for around six weeks and caused shortages and delays as logistics systems were also hit.
The biggest impact was felt in fashion, home and beauty, where sales fell by 7.7 per cent and profits more than halved as prices were slashed to clear stock.
However, the food business performed strongly, with sales up 7 per cent over the year.
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The FTSE 100 retailer said that chief executive Stuart Machin and chairman Archie Norman were among 63,000 employees who will not receive a bonus this year.
Despite the setback, bosses said the company’s turnaround plan was going well.
It includes the refurbishment of stores, the opening of 12 new food shops and a further three larger stores selling both food and clothing.
Mr Machin said M&S had emerged “stronger” and expected profit growth to return this financial year.
He added that retailers were facing a “triple whammy” from higher taxes, more regulation and global conflict but added: “At M&S we are unshaken by short-term events.
“We have a clear plan.”
TRENT’S EARNINGS FLOW
SEVERN TRENT has raised its earnings forecast after beating City expectations — helped by stronger operations and fewer sewage spills.
The water giant now expects adjusted earnings per share of at least 250p by 2028 — up from a target of 224p.
The upgrade came as the company reported profit before interest and tax of £861million for the year to March 31.
Severn Trent also lifted its dividend by 3.5 per cent to 126.02p a share — and said spills from storm overflows fell 41 per cent from the previous year.
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BUILDING the Sizewell C nuclear power plant could add up to £19 a year to electricity bills by the time it opens, a report reveals.
The National Audit Office said the Suffolk project, due in 2039, will cost consumers up to £4.5billion unless investors such as EDF and Centrica help cut costs and delays.
The Government, Sizewell C’s biggest shareholder, defended the project and said it will save energy systems £2billion a year.
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The property giant said underlying profits rose 5 per cent to £294million in the year to the end of March, beating City forecasts.
New technology tenants such as Anthropic, creators of AI chatbot Claude, have helped demand for central London offices hit the highest level in 20 years.
