CITY AM – This is not just a dividend 

M&S reinstates dividend and CEO Stuart Machin promises he’s not done yet

CITY AM SAYS Marks and Spencer (M&S) racked in hefty profits during the half year, as the firm’s reshaping programme continues to show signs of paying off. 

The Percy Pig maker posted profit before tax of £360.2m up nearly  £100m on last figures of £205.5m. 

M&S also reported a 14.7 per cent rise in food sales as its investment in price cuts and improving quality drove shoppers to its aisles, it said in a trading update to markets this morning.

The clothing and homeware division – which has been revamped in recent years to appeal to a more trendy audience- also saw sales rise 12.1 per cent. 

As a result of its strong results the firm said it would return paying a “modest dividend” – its first in four years.

Chief Stuart Machin, said: “Our strategy to reshape M&S for growth has delivered strong results in the first half. 

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