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Marks & Spencer Profit Up 4.3% To £689.6m

(c) Sky News 2016

Marks & Spencer (Other OTC: MAKSF - news) has reported a 4.3% rise in underlying profits to £689.6m for the year to the start of April.

The annual results were the first under new chief executive Steve Rowe - following the departure of Marc Bolland amid struggling clothing sales.

Mr Rowe admitted that the performance was "not satisfactory" and indicated that M&S would embark on a round of price cuts and employ more store staff in a bid to revive trading.

Meanwhile bottom-line profits were weighed down by a £200.8m charge for one-off items - half of it made up of charges related to its ailing international business.

More follows (Other OTC: UBGXF - news) ...