£635m profit pleases M&S

HIGH street retailer Marks & Spencer confirmed a return to annual profits growth today after reporting a 4.6 per cent hike to £632.5 million.

An impressive fourth quarter of sales growth helped the group notch up the underlying pre-tax profits haul, which marked a turnaround on the 40 per cent plunge the previous year.

In presenting his last set of annual results, M&S chairman Sir Stuart Rose said the "worst effects of the recession" were now over, but warned over consumer jitters ahead of the emergency Budget on 22 June.

UK like-for-like sales, which exclude the impact of new store openings, rose 0.9 per cent over the 52 weeks, while food sales were up 0.3 per cent.