M&S posts £400m half-year profit

The M&S recovery bandwagon rolls on, with first-half pre-tax profits of just over £400 million.

There may only be one man left at Marks & Spencer refusing to use “the R word”.

Chief executive Stuart Rose finds himself in splendid isolation this morning as the high street chain reported its biggest six-monthly profits haul for nine years and the rest of the world hails its remarkable recovery .

Pre-tax profits hit £406.5 million, up 33 per cent - more than £100m - year on year. It represents the biggest first half for M&S since 1997-98.

If analysts are to be believed, it also puts the chain on course to deliver full-year profits of more than £1bn for only the third time (previously in 1997 and 1998).

Food and clothes are performing well in the uplift. Chief executive Stuart Rose said: "We had a good first half. We have delivered better product, better service and better store environment. We gained in market share in all areas in which we trade."

Speaking to Sky News, Rose said: "Customers are voting with their feet.

"We've had 19m more visitors this year. But we're not going to be complacent, we are listening to customers and we must offer what they want".