M&S to share cyber hack recovery update one year on
M&S Profit Nearly Wiped Out After £136m Cyber Attack
Marks & Spencer is set to update shareholders on 20 May, regarding its recovery from a major cyber-attack that impacted sales and profitability last year.
The cyber-attack, which occurred around the Easter weekend, forced M&S to cease online sales for approximately six weeks and caused significant disruption to its logistics systems, resulting in empty shelves.
The retailer previously stated the incident would reduce its annual profits by about £136 million, with £34 million of this affecting the final six months of its financial year.
M&S is anticipated to report a pre-tax profit of £654 million for the year ending 28 March, representing a 25 per cent decline from the £875.5 million recorded a year earlier.
While analysts predict a profit rebound for the current financial year, concerns persist over inflation, a subdued fashion market, and political uncertainty, contributing to the company’s shares reaching a one-year low.
