First half profits almost wiped out at M&S by disastrous cyber hack

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A catastrophic cyber attack almost wiped out profits at Marks & Spencer in the first half of the year.

The high street giant today revealed that statutory pre-tax profits collapsed by more than 99% from £391.4 million to just £3.4 million in the six months to 27 September.

Adjusted pre-tax profits slumped 55.4% from £413.1 million to £184.1 million.

Chief executive Stuart Machin said: “The first half of this year was an extraordinary moment in time for M&S . However, the underlying strength of our business and robust financial foundations gave us the resilience to