M&S to re-enter FTSE 100
The group also raised its profit forecast after it saw its like for like food and clothing and homes sales grew over 11% and 6% respectively
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M&S is expected to return to the FTSE 100 for the first time in four years following a sustained rise in its shares.
It has seen its share price surge by 80% this year and it is now valued at £4.3bn.
According to its most recent trading update, its profit-before-tax rose by 21.4% to £474.7m, up against £391.7m the prior year, while group sales were up by 9.9% to £11.98m
The group also raised its profit forecast after it saw its like for like food and clothing and homes sales grew over 11% and 6% respectively.
It said that it expects the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations.
Others in line to enter the FTSE 100 are Dechra Pharmaceuticals, Diplo, Hikma Pharmaceuticals, Arbdn, Johnson Matthey, Persimmon and RS Group.
Stuart Machin told the Mail: “To be frank, it would be just another day. We’re only as good as our customers shopping with us say we are on any given day. If we do right by our customers, we’ll do right by our shareholders.
“Although we’ve made progress, we’ve got lots to do and my mantra is to be positively dissatisfied – always seeking to raise the bar. As a team we are very ambitious for the future of M&S and our focus is on reshaping the business for future growth.”
