For the year to April 2, M&S made a profit before tax and adjusting items of £482 million (US$608 million) – ahead of analysts’ average forecast of £436 million but down from the £523 million made in 2021/22.

Profit fell in 2022/23 despite a 9.6% rise in revenue to £11.9 billion, due to higher energy and labour costs and unhelpful currency moves.

It was also dented by M&S’s exit from Russia, the lack of the prior year’s government support on business rates, and a share of losses from its online grocery joint venture with Ocado.

M&S said food sales increased 8.7% over the year, while clothing and home sales were up 11.5%, with its bias towards older, more affluent customers giving it some protection from an ongoing cost-of-living crisis.

It said it had made a good start to the 2023/24 year, with both food and clothing growing sales.

M&S has not paid a dividend since its 2019/20 year as part of a move to protect its balance sheet during the pandemic.