MARKS AND SPENCER INCREASES ANNUAL PROFIT
Marks and Spencer is handing back £150m to investors through a share buyback programme after increasing annual profit for the first time in four years.
The strong set of results, saw pre-tax profit rise to £600m f from £580m, on sales of £10.3bn.
Under pressure chief executive Marc Bolland said: “We knew where we were going. We have clearly made a step forward. You can’t expect to make huge profits when you are investing £1bn in legacy systems. I am not complacent, there is still more to do… but I will still be here next year.”
M&S increased the final dividend by 7.4 per cent to 11.6p a share.The shares fell 2p to 583.5p as Bolland warned that the international business, with sales down 2.1 per cent, was suffering from the turmoil in the Middle East and Russia.