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M&S records £632m profit

MARKS & SPENCER has recorded a pre-tax profit of £632m for the year to the end of March.

The figure represented a 4.6 per cent rise on the year before.

M&S chairman Sir Stuart Rose said the results showed the economy was going in the right direction but that “the recession is not over” for high street retailers.

However he said: “I think we are over the worst”.

He added on the M&S strategy: “We have to keep our heads down and keep delivering.”

Rose said that the handover to new chief executive Marc Bolland was going smoothly and that at some stage he would “disappear” to allow him to take the reins.