Marks & Spencer boosted by food growth amid ‘onslaught of costs’

Marks Spencer said its food arm is driving the retailer’s return to growth, despite the onslaught of cost headwinds” facing the industry. The FTSE 100 retailer posted a £355m pre-tax profit in the six months to the end of September, up from £3m last year when a cyber attack shut down its website and left its shelves empty. The group, one of the UK’s best-known retailers, has looked to its growing food businesses to drive its recovery from the cyber incident which wiped more than £100m of its profit in April last year. Stuart Machin, the firm’s chief executive, said: “Our hard work over the last few years to create a strong balance sheet has built a firm financial footing from which to invest and we are confident in the opportunities ahead. “Despite the onslaught of cost headwinds, we have remained focussed on our ambitions, and we are clear on our plan.” M S Food is picking up 1.5m more customers than this time last year, the company said, driving 12 per cent volu