Retail major Marks and Spencer Group Plc or M&S (MAKSY.PK,MAKSF.PK,MKS.L) reported Wednesday sharply lower profit in its first half, mainly reflecting one - off charges due to a cyber incident, despite significant growth in sales.
Looking ahead, the company said it anticipates second-half profit to be at least in line with last year. The firm noted that the residual effects of the incident that happened in the first few weeks of the financial year continue to reduce in the coming months.
The firm noted that the consumer environment remains as uncertain as ever as it enters the second half.
Marks And Spencer added that it is confident to be recovered and back on track by the financial year - end.
Further, the company declared an interim dividend of 1.2 pence per share, 20% higher than last year's 1 pence per share, payable on January 9, 2026, to shareholders on the register as at close of business on November 28.
In the first half, profit before tax plunged 99.1 percent to 3.4 million pounds from last year's 391.9 million pounds.
Attributable profit after tax was 6.2 million pounds, down 97.8 percent from 282.1 million pounds last year. Basic earnings per share fell 97.9 percent to 0.3 pence from 14.0 pence last year.
The latest results were hurt by adjusting items of 167.8 million pounds, including 101.6 million pounds of costs directly related to the cyber incident. The prior year's adjusting items were 15.9 million pounds.
Adjusted profit before tax was 184 .1 million pounds, compared to 413. 1 million pounds last year. Adjusted basic earnings per share were 6.6 pence, compared to prior year's 14.7 pence.
The decrease was primarily due to the decline in Food, and Fashion, Home & Beauty profit due to the trading impact of the incident, partly offset by insurance income.
Group revenue, however, climbed 22.5 percent to 7.942 billion pounds from 6.481 billion pounds a year ago.
Group sales were 7.965 billion pounds, up 22.1 percent from 6.524 billion pounds last year.
Food sales rose 7.8 percent year-over-year to 4.532 billion pounds, while Fashion, Home & Beauty sales declined 16.4 percent to 1.70 billion pounds, due to the temporary pause in online operations from late April to early June and a gradual recovery over the summer.
International sales fell 11.6 percent to 255.8 million pounds.
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