By Michael Susin
Marks & Spencer Group has announced a significant increase in pretax profit for the first half of fiscal 2024 due to resilient consumer demand, despite an uncertain outlook.
In the half year ended October 1, pretax profit reached £325.6 million ($400.5 million), compared with £208.5 million in the same period last year. The adjusted pretax profit, which eliminates exceptional and one-off items, rose to £360.2 million from £205.5 million.
Marks & Spencer attributes this success to its capital investment programs, which focus on boosting volume in growth channels and reducing costs structurally.
The company’s revenue for the first half was £6.13 billion, up from £5.54 billion in the previous year. Additionally, Ocado Retail revenue saw a substantial increase of 6.9% during this period.
Expectations for Fiscal 2025
Marks & Spencer anticipates that pretax profit for fiscal 2025 will be weighted toward the first half of the year.
To reflect its strengthened balance sheet, the company’s board has reinstated its dividend payout and declared an interim dividend of 1 pence per share.