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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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M&S Profit More Than Doubles to £403.2m
Marks and Spencer's first-half adjusted profit has rebounded from last year's cyber-attack hit, led by Food, while Fashion, Home & Beauty profitability lagged and full-year guidance is only in line with expectations.
Marks and Spencer (LSE: MKS), the food and fashion retailer, reported first-half adjusted pre-tax profit of £403.2m, more than double the £184.1m of a year earlier, when a cyber incident hit the business. Group sales rose 16.2% to £9,255.0m in the 26 weeks to the 26th of September.
MKS.LSE
The recovery is not quite complete. Profit still sits just under the £413.1m reported two years ago, which the company put down to heavier cost growth early in the year and weaker Fashion, Home & Beauty profit. Cyber costs were £0.3m this half, against £101.6m last time.
Food did the heavy lifting. Sales rose 13.9% to £5,162.9m, with like-for-like growth of 11.7% and volumes up 11.9%. Adjusted operating profit reached £288.6m from £89.1m, lifting the margin to 5.6% from 2.0%.
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Fashion, Home & Beauty grew sales 17.5% to £2.0bn and made £150.5m of adjusted operating profit. Its margin of 7.5% compares with 2.7% last year but 12.0% two years ago, and the company’s ambition is above 10%.
Availability was constrained by manual ordering after the incident. Store sales fell 2.0% to £1,289.7m, while online sales were £705.7m. Chief executive Stuart Machin was frank about the result.
“…the results fell short of their potential and show there is a lot more to do.”
Stuart Machin, chief executive of M&S
For the full year, M&S expects adjusted pre-tax profit “in line with current market expectations”. It expects Fashion, Home & Beauty to improve in the second half and Food margins to finish ahead of 2024/25, helped by over £120m of structural savings. The company also said it performed solidly in October.
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Costs remain a drag, including about £35m of packaging taxes and higher pay and national insurance. Capital spending is planned at around £750m this year, about two-thirds of it in Food.
Net funds excluding leases rose to £374.7m from £176.1m, with cash and short-term investments of £1,072.1m. The interim dividend rises 16.7% to 1.4p, with the 26th of November the ex-dividend date, the 27th of November the record date and payment on the 8th of January.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
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