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Friday 9 December 2016

M&S business on the up

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British retailer Marks & Spencer posted its first rise in annual profit in four years and said it would return excess cash to shareholders, fuelling hopes that it has finally rediscovered a successful formula.

Britain's biggest clothing retailer, which also sells homewares and upmarket food, said yesterday it made a profit before tax and one-off items of £661.2m (€931m) in the year to March 28.

That compares with analyst forecasts of £625-664m, with a consensus of £648m, and is 6.1pc higher than the £623m made in 2013-14. M&S raised its dividend by 6pc to 18 pence (25.2c) and announced a share buyback programme

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