Marks And Spencer Group P.L.C.: a £12.8bn business, growing — and getting more profitable as it grows.

Where's the money from?
Revenue £12.8bn (FY2025), down 2% YoY
No segmental split disclosed in the filed accounts — this is the total trading revenue line.
Is it growing?
£10.7bn → £12.8bn
Revenue up about 20% across 8 filed years.
Is it solid?
1.5% → 4.9%
Operating margin widened as it grew.
Who's behind it?
10 active directors
Full board and backgrounds in the People tab.

general merchandise and food retail · uk · medium complexity

Deep-Dive · Company Intelligence

Inside Marks And Spencer Group P.l.c.

Report overview

M&S turned over £12.8 billion in FY2025, yet took home £134 million less than the year before.

£0.86bn Cash at bank vs £1.02bn FY2024
£12.82bn Turnover vs £13.04bn FY2024
£511.8m Pre-tax profit vs £672.5m FY2024
£2.95bn Net assets vs £2.83bn FY2024
Marks and Spencer Group posted £12.8 billion in turnover for FY2025 — one of Britain's most recognisable retail names at full volume. But the income statement tells a different story beneath that top line: every profit measure shrank, operating profit dropped £89.9 million to £624.3 million, and profit after tax fell 31% to £291.9 million. Cash on the balance sheet fell 15% to £864.5 million even as investing outflows surged 60%. Net assets edged up 4% to £2.95 billion, and operating cash held firm above £1.3 billion — so the machine is still generating cash. The question the filing raises is where that cash is being directed.
Explore 02Financials 03Risk 05People 06AI Insights 08Filings 10Verification
Scroll
Company No.04256886
Statusactive
Latest accountsFY2025 accounts
Filed 9 July 2025 1.1 years ago
AuditorDeloitte LLP

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.

The Profit Squeeze

Turnover barely moved, but the bottom line took a serious hit.

-31%
Profit after tax FY2024 £425m FY2025 £292m
The full working

Turnover fell just 2% — from £13.04 billion to £12.82 billion — yet profit after tax dropped 31%. That gap between revenue resilience and profit erosion points to cost pressure rather than a sales problem. The tax charge eased slightly, so the squeeze happened above the tax line.

Source · P&L FY2024 and FY2025

Operating Profit Under Pressure

The gap between what the business earns and what it keeps is widening.

Profit before tax

FY2024 £672m
FY2025 £512m
The full working

Operating profit fell from £714.2 million to £624.3 million — a 13% drop on a 2% revenue decline. Profit before tax then fell a further step to £511.8 million, a 24% fall year-on-year. Each layer of the income statement amplified the compression.

Source · P&L FY2024 and FY2025

Cash: Strong In, Deployed Out

Operating cash held steady, but investing spend jumped 60%.

-60%
Investing cash outflow FY2024 £435m FY2025 £696m
The full working

The business generated £1.313 billion from operations in FY2025 — almost identical to FY2024. But investing outflows nearly doubled, reaching £696.1 million, up from £435.3 million. That surge consumed a significant portion of the operating surplus and pulled cash on hand down 15% to £864.5 million.

Source · Cash flow statement FY2025

Balance Sheet: Stretched at Both Ends

Current liabilities rose 10% even as cash fell — a tightening liquidity picture.

£2.4bn Current assets
vs
£2.8bn Current liabilities
The full working

Current assets grew 12% to £2.40 billion, but current liabilities grew faster, reaching £2.78 billion — a ratio that leaves current liabilities £373.8 million ahead of current assets. Long-term liabilities fell 6% to £2.91 billion, and net assets rose 4% to £2.95 billion, so the overall balance sheet remains positive.

Source · Balance Sheet FY2025

Who Owns M&S?

No person of significant control is recorded at Companies House.

  • Fragmented public shareholders (no single PSC on record)
  • Listed holding company Marks and Spencer Group P.L.C. (04256886)
  • Operating subsidiaries (below this entity)

Source · PSC register; Companies House filing

Governance and Filing History

A clean filing record with a busy board refresh underway.

  • Jul 2026 Share allotment (SH01) filed
  • Jul 2025 Resolutions filed
  • Jul 2001 Incorporated as TRUSHELFCO (NO.2827) LIMITED
  • Jan 2002 Renamed Marks and Spencer Group P.L.C.
  • Jan & Dec 2025 Four new directors appointed

Source · Companies House name history; director appointments; filing signals

The brief

Five questions, answered

The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.

Q1 Can they pay their bills next year?

Current liabilities of £2.78 billion exceed current assets of £2.40 billion by roughly £373.8 million — so on a pure current-ratio basis the cover is below 1x.

However, operating cash flow of £1.313 billion provides a substantial ongoing buffer. Cash on hand stands at £864.5 million, down from £1.02 billion. The business generates well over £1 billion from operations annually, which meaningfully offsets the balance-sheet shortfall.

Source · Balance Sheet FY2025; Cash flow statement FY2025

Q2 Are they actually making money, or just turning it over?

Both — but the margin is shrinking.

Turnover of £12.82 billion is real scale, but operating profit of £624.3 million represents a margin of roughly 4.9%, down from 5.5% in FY2024. Profit after tax fell 31% to £291.9 million. The business is profitable, but each £1 of revenue is delivering less to the bottom line than it did a year ago.

Source · P&L FY2024 and FY2025

Q3 Who owns and controls the business, really?

No person of significant control is recorded at Companies House, which is typical for a major FTSE-listed group where institutional shareholders individually hold below the 25% disclosure threshold.

Effective day-to-day control sits with the board, chaired by Archibald Norman (appointed 2017) and led by CEO Stuart Machin (appointed 2022). Four directors joined in 2025 alone, indicating active board renewal.

Source · PSC register; director register, Companies House

Q4 Is the filing history clean, or are accounts late / amended?

The filing history shows no late or amended accounts in the brief.

The company has operated under its current name since January 2002, with two prior names held briefly in 2001 during incorporation. Recent filings include a resolution in July 2025 and a share allotment (SH01) in July 2026 — both routine for a listed group. No red flags in the compliance record.

Source · Companies House name history; filing signals

Q5 Where are the red flags hiding in the notes?

The brief does not surface going-concern language, negative equity, or unusual charge movements.

The standout structural point is that investing cash outflows jumped 60% to £696.1 million — the brief does not detail what this capital is being deployed into. Long-term liabilities fell 6% to £2.91 billion, which is directionally positive. No secured charge detail or unusual equity movements are disclosed in the brief.

Source · Cash flow statement FY2025; Balance Sheet FY2025

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

A £1bn difference between the segmental revenue total (£14km) and the headline turnover figure (£13km) has not been fully explained by the available notes and warrants direct clarification from the company before using either number in external models.

Origin

Marks And Spencer Group P.l.c.

Marks and Spencer Group plc is the ultimate holding company for the M&S retail group — one of Britain's best-known chains selling clothing, food, beauty and homeware. The operating subsidiary, Marks and Spencer plc, runs hundreds of UK stores and a growing international and online business.

Where the money comes from

Revenue £12.8bn (FY2025), down 2% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.

At a glance

Key data

Founded 2001 8 years on file
Turnover £12.82bn ▼ 1.7% YoY
Pre-tax profit £511.8m ▼ 23.9% YoY
Auditor Audit exempt Section 479A (audit exempt)

Timeline

How we got here

2025 01 of 20

Crisis

Major ransomware cyber attack

M&S was hit by a ransomware attack attributed to hacking group Scattered Spider, forcing it to suspend online orders and causing losses estimated at up to £300 million, wiping more than £1 billion from its market value.

2022 02 of 20

Big year-on-year change

Operating profit surge

Operating profit more than doubled — from -£30.7m to £572.2m in a single year (+1964%).

2022 03 of 20

Acquisition

Acquired logistics firm Gist

M&S agreed to buy logistics firm Gist Limited for £145 million, taking greater control of its supply chain as part of its ongoing operational transformation.

2022 04 of 20

Leadership change

Stuart Machin appointed CEO

Stuart Machin succeeded Steve Rowe as chief executive, having previously led the turnaround of the food business; he moved to restore M&S's profitability and accelerate its store investment programme.

2021 05 of 20

Big year-on-year change

Profit after tax collapse

Profit after tax collapsed 834% — from £27.4m to -£201.2m.

2021 06 of 20

Joined the board

Evelyn Brigid Bourke joins the board

Evelyn Brigid Bourke was first appointed as a director on 1 February 2021.

2020 07 of 20

Big year-on-year change

Operating profit surge

Operating profit surged 57% — from £162.4m to £254.8m.

2020 08 of 20

Joined the board

Sapna Rani Sood joins the board

Sapna Rani Sood was first appointed as a director on 1 June 2020.

2020 09 of 20

Joined the board

Tamara Ingram joins the board

Tamara Ingram was first appointed as a director on 1 June 2020.

2018 10 of 20

Expansion

100-store closure plan announced

M&S announced a radical restructuring plan to close more than 100 stores by 2022, reflecting a strategic retreat from its traditional high-street estate in response to declining clothing sales and changing retail habits.

2017 11 of 20

Joined the board

Archibald John Norman joins the board

Archibald John Norman was first appointed as a director on 1 September 2017.

2018 12 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2018. 16 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2010 13 of 20

Leadership change

Bolland appointed chief executive

Marc Bolland, formerly of Morrisons, replaced Sir Stuart Rose as CEO and launched a major strategic overhaul including a new brand identity, store redesign programme, and £850–900 million capital expenditure plan.

2004 14 of 20

Crisis

Philip Green takeover bid repelled

Philip Green, boss of Arcadia and BHS, attempted a takeover of M&S but withdrew after failing to secure sufficient shareholder backing; M&S responded with a recovery plan that included selling its financial services arm to HSBC.

2002 15 of 20

Name changed

Rebrand

Previously incorporated as Conker Retail Limited.

2001 16 of 20

Name changed

Rebrand

Previously incorporated as Trushelfco (No.2827) Limited.

2001 17 of 20

Company founded

Incorporated

Marks And Spencer Group P.l.c. was registered at Companies House on 23 July 2001.

1999 18 of 20

Crisis

Canadian operations fully closed

After expanding to 47 stores at its peak, M&S shut all remaining 38 Canadian shops in 1999, unable to shed its image as a retailer for senior citizens and expatriates despite repeated modernisation attempts.

1998 19 of 20

Notable event

First £1 billion profit milestone

M&S became the first British retailer to record a pre-tax profit exceeding £1 billion, representing the peak of the company's financial performance before a sharp and unexpected decline.

1988 20 of 20

Acquisition

Acquired Brooks Brothers and Kings

M&S acquired American clothing company Brooks Brothers and US food chain Kings Food Markets, marking a bold push into the North American market.

Go deeper

Explore the evidence

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 09Summary 10Verification

02 · Financials

The numbers, year by year

FY2025 accounts · Companies House (PDF accounts)

Scene 01 · Revenue

Turnover grew 20% across the period

From £10.70bn in FY2018 to £12.82bn in FY2025 — a 20% increase. The most dramatic acceleration came in FY2022, when turnover surged 19% in a single year.

Annual Turnover vs Cost of Sales

FY2018 – FY2025 · Companies House (PDF accounts) · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)
Latest turnover · FY2025 £12.82bn -1.7% vs prior year
Across 7 years +20% £10.70bn → £12.82bn
PEAK · £13.04bn FY2025 · £12.82bn
’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Cost of sales not tagged in these filings. Turnover is plotted from Companies House accounts; cost of sales was not extracted as a separate line for this company.

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £0.86bn ▼ 15.4% vs £1.02bn FY2024 A meaningful slip — well below last year's reading.
Turnover £12.82bn ▼ 1.7% vs £13.04bn FY2024 Broadly flat — small slip on last year.
Pre-tax profit £511.8m ▼ 23.9% vs £672.5m FY2024 A meaningful slip — well below last year's reading.
Net assets £2.95bn ▲ +4.3% vs £2.83bn FY2024 Broadly flat — a small uptick on last year.

Financial health

Good · 1 signal

Profitable
+ Why this rating
  • Profitable — PBT of £511,800,000 on turnover of £12,816,800,000

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Operating profit
’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25
Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2018–FY2025, now fully contextualised by the story above.

Profit and loss
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Turnover £10.70bn £10.38bn £10.18bn £9.16bn £10.89bn £11.93bn £13.04bn £12.82bn ▼ 2%
Cost of sales — — — — — — — — —
Gross profit — — — — — — — — —
Other operating income — — — — — — — — —
Administrative expenses — — — — — — — — —
Operating profit £156.5m £162.4m £254.8m -£30.7m £572.2m £515.1m £714.2m £624.3m ▼ 13%
Finance income £24.1m £33.8m £46.9m £57.4m £33.9m £166.1m £146.7m £64.7m ▼ 56%
Finance costs -£113.8m -£111.6m -£234.5m -£236.1m -£214.4m -£205.5m -£188.4m -£177.3m ▲ 6%
Profit before tax £66.8m £84.6m £67.2m -£209.4m £391.7m £475.7m £672.5m £511.8m ▼ 24%
Tax -£37.7m -£47.3m -£39.8m -£8.2m -£82.7m -£111.2m -£247.3m -£219.9m ▲ 11%
Profit after tax £29.1m £37.3m £27.4m -£201.2m £309.0m £364.5m £425.2m £291.9m ▼ 31%
EBITDA (memo) — — — — — — — — —

Some lines are not tagged in the filed accounts. Cost of sales and gross profit are missing for FY2018, FY2019, FY2020, FY2021, FY2022, FY2023, FY2024, FY2025 — the filer published turnover and operating profit without those subtotals (common on group accounts). Cells marked * are calculated from other lines on the same year (e.g. gross profit = turnover + cost of sales, EBITDA = operating profit + depreciation).

Balance sheet
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Intangible assets £599.2m £499.9m £399.1m £232.0m £192.5m £163.1m £179.5m £187.4m ▲ 4%
Tangible assets £4.39bn £4.03bn £5.49bn £5.06bn £4.90bn £5.20bn £5.19bn £5.41bn ▲ 4%
Investments £7.0m £4.0m £760.4m £835.5m £815.4m £775.8m £696.8m £413.8m ▼ 41%
Total fixed assets £6.23bn £5.71bn £8.97bn £7.04bn £7.26bn £6.94bn £6.53bn £6.42bn ▼ 2%
Stocks — — — — — — — — —
Debtors £308.4m £322.5m £262.6m £261.4m £270.6m £298.7m — — —
Cash at bank £207.7m £285.4m £254.2m £674.4m £1.20bn £1.07bn £1.02bn £864.5m ▼ 15%
Total current assets £1.32bn £1.49bn £1.22bn £1.60bn £2.18bn £2.15bn £2.15bn £2.40bn ▲ 12%
Trade creditors -£1.41bn -£1.46bn -£1.50bn -£1.60bn -£1.96bn -£2.05bn -£2.11bn -£2.37bn ▼ 12%
Bank loans (current) -£125.6m -£513.1m -£247.8m -£432.8m -£247.2m -£444.0m -£250.4m -£355.8m ▼ 42%
Total current liabilities £1.83bn £2.23bn £1.86bn £2.30bn £2.37bn £2.71bn £2.52bn £2.78bn ▲ 10%
Net current assets -£508.1m -£738.0m -£634.4m -£700.6m -£188.5m -£551.4m -£362.9m -£373.8m ▼ 3%
Total assets less current liabilities — — — — — — £2.83bn £2.95bn ▲ 4%
Bank loans (non-current) -£1.67bn -£1.28bn -£3.87bn -£3.66bn -£3.56bn -£3.18bn -£2.88bn -£2.59bn ▲ 10%
Long-term liabilities £2.77bn £2.29bn £4.63bn £4.06bn £4.15bn £3.58bn £3.09bn £2.91bn ▼ 6%
Provisions £291.9m £398.7m £78.0m £117.3m £145.4m £119.4m £151.7m £171.3m ▲ 13%
Net assets £2.95bn £2.68bn £3.71bn £2.29bn £2.92bn £2.81bn £2.83bn £2.95bn ▲ 4%
Total equity £2.95bn £2.68bn £3.71bn £2.29bn £2.92bn £2.81bn £2.83bn £2.95bn ▲ 4%
Cash flow
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Net cash from operating activities £849.8m £935.3m £953.8m £870.9m £1.38bn £1.03bn £1.30bn £1.31bn ▲ 1%
Net cash used in investing activities -£316.3m -£388.0m -£765.7m -£192.6m -£245.7m -£516.6m -£435.3m -£696.1m ▼ 60%
Net cash used in financing activities -£765.2m -£505.0m -£256.9m -£244.0m -£595.9m -£643.8m -£909.8m -£773.6m ▲ 15%
Net increase / (decrease) in cash -£231.7m £42.3m -£68.8m £434.3m £536.4m -£130.5m -£43.4m -£156.7m ▼ 261%
Cash at end of year £171.0m £213.1m £238.7m £669.7m £1.20bn £1.07bn £1.02bn £864.5m ▼ 15%

Scene 04 · Waterfall

From revenue to profit

How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.

  1. Revenue£12.82bn
  2. Operating profit£624.3m
  3. Tax−£332.4m
  4. Profit after tax£291.9m

FY2025 accounts · cascade view

03 · Risk

What the filings reveal

Concrete signals · descriptive only
Screening 1 to review Name overlaps — not auto-cleared Balance-sheet stress 0.87× short-term cover Current ratio · FY2025 accounts Compliance signals 2 medium findings 3 surfaced in total Auditor Unqualified Deloitte LLP

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Short-term cover Current ratio · liquidity 0.87× For every £1 of bills due in the next 12 months, they have £0.87 of cash and quickly-sellable assets to pay it. Below £1 is unusual — they're leaning on operating cash flow or credit lines.
Profit-to-cash Cash conversion · earnings quality 210% Every £1 of reported operating profit turned into £2.10 of actual cash. Strong sign — profits are backed by real money in, not accounting estimates.
Brand & goodwill share Intangibles ratio · asset quality 2.1% Most assets are physical or financial — buildings, cash, receivables. Easier to value.

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Politically-exposed persons · None foundPEP screen · 0 hits Disqualified register · 1 to verifyName match only — confirm identity Auditor · Deloitte LLP Audit opinion · UnqualifiedUnqualified ISA-700 opinion Status · Active

Compliance signals

What the compliance pass surfaced

Unconfirmed disqualified-director match

Severity · Low

Director 'BANGA, Manvinder Singh' returns a 93% name-only match against 'Davinder Singh BANGA' (DOB 06/1984) on the Companies House disqualified-directors register; date of birth is not corroborated and a false positive is plausible given name commonality.

Elevated director turnover

Severity · Medium

56 director resignations against 10 currently active directors over roughly 24 years represents a high turnover ratio that may indicate governance instability.

Multiple short-tenure directors

Severity · Medium

Ten directors served fewer than 12 months, a pattern that can be associated with nominee arrangements or underlying board-level instability.

Internal data-quality signals · expand

These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.

Financial completeness 70
Compliance signals 70
Operational disclosure 72
Data confidence 70

04 · Market

Sector and benchmarks

SIC2007 · cohort metrics

Industry classification

Wholesale & retail trade

Companies House records the SIC2007 classification for this entity under 1 code: 47190.

Peer cohort · Division 47 · Retail Trade · 34 peers

Sector cohort · 34 peers · Retail Trade

How this filing compares

Metric This filing Peer median Percentile Assessment
Cash Ratio 0.31 0.17 65th above median
Profit Margin (%) 4.0% 3.7% 54th above median
Quick Ratio 0.31 0.44 33th below median
Current Ratio 0.62 0.61 51th above median
Cash-to-Assets 0.11 0.08 78th strong
Debt-to-Assets 0.70 0.71 48th above median
Debt-to-Equity 1.93 2.29 41th above median
Net Assets Growth (%) 4.3% 2.0% 58th above median

05 · People

The people behind the company

11 directors · 0 PSCs · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 10 1 corporate · cross-checked against 27.8m records
Avg failure rate 0.0% share of prior companies that went into liquidation / dissolution
Max concurrent boards 9 most active director sits on 9 boards · 3.7 avg
Phoenix signals 0 no director linked to dissolved-and-restarted companies

Each director, individually

Career history + cross-references

Role Director Career boards Concurrent Prior-failure rate Joined Other UK boards
Director
Tamara Ingram British · United Kingdom
22 8 busy 0.0% 5 April 1995
Director
Archibald John Norman British · United Kingdom
6 4 0.0% 2 April 2012
Director
Cheryl Yvonne Hood British · United Kingdom
10 3 0.0% 14 January 2014
Director
Alison Ann Dolan Irish · England
12 9 busy 0.0% 1 February 2017
Director
Evelyn Brigid Bourke Irish, British · United Kingdom Involved in 96 UK companies over career
96 4 0.0% 1 May 2009
Director · active
Stuart Barry Machin British · England
2 2 — 5 August 2019
Director
Sean Liam Doyle Irish · United Kingdom
8 5 busy 0.0% 14 April 2011
Director
Fiona Eleanor Dawson Irish · United Kingdom
13 3 0.0% 12 June 2003
Director · active
Sapna Rani Sood British, Australian · England
1 — — 1 June 2020 —

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

MR Jonathan Stephen Moss 70 career appointments 59 shared boards
  • Friends Life And Pensions Limited No. 00475201 · Director · Active
  • Aviva Wealth Holdings UK Limited No. 06861305 · Director · Active
  • Friends Life Limited No. 04096141 · Director · Active
  • Friends Provident Life Assurance Limited No. 00782698 · Director · Active
  • Friends Provident Investment Holdings Limited No. 04078710 · Director · Active
  • Aviva Management Services UK Limited No. 00983330 · Director · Active
  • Friends' Provident Life Office No. ZC000115 · Director · Active
  • Friends' Provident Managed Pension Funds Limited No. 00172756 · Director · Active
  • Wealth Limited No. 03088046 · Director · Active
  • Friends Provident Pension Scheme Trustees Limited No. 04101345 · Director · Active
  • London And Manchester Group Limited No. 01594941 · Director · Active
  • Undershaft Fplla Limited No. 01665500 · Director · Active
  • Friends Life Fplma Limited No. 00004599 · Director · Active
  • Friends Life Company Limited No. 03291349 · Director · Active
  • Aviva Administration Limited No. 03424940 · Director · Active
  • Friends Life Assurance Society Limited No. 00776273 · Director · Active
  • Undershaft Fal Limited No. 06363657 · Director · Active
  • Friends Sl Nominees Limited No. 00592965 · Director · Active
  • Suntrust Limited No. 01460956 · Director · Active
  • Friends Aellas Limited No. 00575435 · Director · Active
  • Friends Life Wl Limited No. 03116645 · Director · Active
  • Sesame Bankhall Group Limited No. 03573352 · Director · Active
  • Sesame Limited No. 02844161 · Director · Active
  • Bankhall Support Services Limited No. 02785381 · Director · Active
  • Bupa International Markets Limited No. 01419145 · Director · Active
  • Governor And Company Of The Bank Of Ireland No. FC007248 · Director · Active
  • Businessldn No. 02756521 · Director · Active
  • THE Ireland Fund Of Great Britain No. 07614886 · Director · Active
  • Admiral Group PLC No. 03849958 · Director · Active
  • AJ Bell PLC No. 04503206 · Director · Active
  • Gatcombe Court And Highgrove Court Management Company Limited No. 02498974 · Director · Active
  • Genesis Specialist Care Holding UK Limited No. 09605635 · Director · Active
MR James Masson Black 98 career appointments 58 shared boards
  • Friends Life And Pensions Limited No. 00475201 · Director · Active
  • Aviva Wealth Holdings UK Limited No. 06861305 · Director · Active
  • Friends Life Limited No. 04096141 · Director · Active
  • Friends Provident Life Assurance Limited No. 00782698 · Director · Active
  • Friends Provident Investment Holdings Limited No. 04078710 · Director · Active
  • Aviva Management Services UK Limited No. 00983330 · Director · Active
  • Friends' Provident Life Office No. ZC000115 · Director · Active
  • Friends' Provident Managed Pension Funds Limited No. 00172756 · Director · Active
  • Wealth Limited No. 03088046 · Director · Active
  • Friends Provident Pension Scheme Trustees Limited No. 04101345 · Director · Active
  • London And Manchester Group Limited No. 01594941 · Director · Active
  • Undershaft Fplla Limited No. 01665500 · Director · Active
  • Friends Life Fplma Limited No. 00004599 · Director · Active
  • Friends Life Company Limited No. 03291349 · Director · Active
  • Aviva Administration Limited No. 03424940 · Director · Active
  • Friends Life Assurance Society Limited No. 00776273 · Director · Active
  • Undershaft Fal Limited No. 06363657 · Director · Active
  • Friends Sl Nominees Limited No. 00592965 · Director · Active
  • Suntrust Limited No. 01460956 · Director · Active
  • Friends Aellas Limited No. 00575435 · Director · Active
  • Friends Life Wl Limited No. 03116645 · Director · Active
  • Sesame Bankhall Group Limited No. 03573352 · Director · Active
  • Sesame Limited No. 02844161 · Director · Active
  • Bankhall Support Services Limited No. 02785381 · Director · Active
  • Bupa International Markets Limited No. 01419145 · Director · Active
  • Governor And Company Of The Bank Of Ireland No. FC007248 · Director · Active
  • Businessldn No. 02756521 · Director · Active
  • THE Ireland Fund Of Great Britain No. 07614886 · Director · Active
  • Admiral Group PLC No. 03849958 · Director · Active
  • AJ Bell PLC No. 04503206 · Director · Active
  • Gatcombe Court And Highgrove Court Management Company Limited No. 02498974 · Director · Active
  • Genesis Specialist Care Holding UK Limited No. 09605635 · Director · Active
MR Robert Gordon Ellis 103 career appointments · 1 failed · 1.0% failure rate 57 shared boards
  • Friends Life And Pensions Limited No. 00475201 · Director · Active
  • Aviva Wealth Holdings UK Limited No. 06861305 · Director · Active
  • Friends Life Limited No. 04096141 · Director · Active
  • Friends Provident Life Assurance Limited No. 00782698 · Director · Active
  • Friends Provident Investment Holdings Limited No. 04078710 · Director · Active
  • Aviva Management Services UK Limited No. 00983330 · Director · Active
  • Friends' Provident Life Office No. ZC000115 · Director · Active
  • Friends' Provident Managed Pension Funds Limited No. 00172756 · Director · Active
  • Wealth Limited No. 03088046 · Director · Active
  • Friends Provident Pension Scheme Trustees Limited No. 04101345 · Director · Active
  • London And Manchester Group Limited No. 01594941 · Director · Active
  • Undershaft Fplla Limited No. 01665500 · Director · Active
  • Friends Life Fplma Limited No. 00004599 · Director · Active
  • Friends Life Company Limited No. 03291349 · Director · Active
  • Aviva Administration Limited No. 03424940 · Director · Active
  • Friends Life Assurance Society Limited No. 00776273 · Director · Active
  • Undershaft Fal Limited No. 06363657 · Director · Active
  • Friends Sl Nominees Limited No. 00592965 · Director · Active
  • Suntrust Limited No. 01460956 · Director · Active
  • Friends Aellas Limited No. 00575435 · Director · Active
  • Friends Life Wl Limited No. 03116645 · Director · Active
  • Sesame Bankhall Group Limited No. 03573352 · Director · Active
  • Sesame Limited No. 02844161 · Director · Active
  • Bankhall Support Services Limited No. 02785381 · Director · Active
  • Bupa International Markets Limited No. 01419145 · Director · Active
  • Governor And Company Of The Bank Of Ireland No. FC007248 · Director · Active
  • Businessldn No. 02756521 · Director · Active
  • THE Ireland Fund Of Great Britain No. 07614886 · Director · Active
  • Admiral Group PLC No. 03849958 · Director · Active
  • AJ Bell PLC No. 04503206 · Director · Active
  • Gatcombe Court And Highgrove Court Management Company Limited No. 02498974 · Director · Active
  • Genesis Specialist Care Holding UK Limited No. 09605635 · Director · Active
MR David Rowley Rose 450 career appointments · 4 failed · 0.9% failure rate 53 shared boards
  • Friends Life And Pensions Limited No. 00475201 · Director · Active
  • Aviva Wealth Holdings UK Limited No. 06861305 · Director · Active
  • Friends Life Limited No. 04096141 · Director · Active
  • Friends Provident Life Assurance Limited No. 00782698 · Director · Active
  • Friends Provident Investment Holdings Limited No. 04078710 · Director · Active
  • Aviva Management Services UK Limited No. 00983330 · Director · Active
  • Friends' Provident Life Office No. ZC000115 · Director · Active
  • Friends' Provident Managed Pension Funds Limited No. 00172756 · Director · Active
  • Wealth Limited No. 03088046 · Director · Active
  • Friends Provident Pension Scheme Trustees Limited No. 04101345 · Director · Active
  • London And Manchester Group Limited No. 01594941 · Director · Active
  • Undershaft Fplla Limited No. 01665500 · Director · Active
  • Friends Life Fplma Limited No. 00004599 · Director · Active
  • Friends Life Company Limited No. 03291349 · Director · Active
  • Aviva Administration Limited No. 03424940 · Director · Active
  • Friends Life Assurance Society Limited No. 00776273 · Director · Active
  • Undershaft Fal Limited No. 06363657 · Director · Active
  • Friends Sl Nominees Limited No. 00592965 · Director · Active
  • Suntrust Limited No. 01460956 · Director · Active
  • Friends Aellas Limited No. 00575435 · Director · Active
  • Friends Life Wl Limited No. 03116645 · Director · Active
  • Sesame Bankhall Group Limited No. 03573352 · Director · Active
  • Sesame Limited No. 02844161 · Director · Active
  • Bankhall Support Services Limited No. 02785381 · Director · Active
  • Bupa International Markets Limited No. 01419145 · Director · Active
  • Governor And Company Of The Bank Of Ireland No. FC007248 · Director · Active
  • Businessldn No. 02756521 · Director · Active
  • THE Ireland Fund Of Great Britain No. 07614886 · Director · Active
  • Admiral Group PLC No. 03849958 · Director · Active
  • AJ Bell PLC No. 04503206 · Director · Active
  • Gatcombe Court And Highgrove Court Management Company Limited No. 02498974 · Director · Active
  • Genesis Specialist Care Holding UK Limited No. 09605635 · Director · Active
Diana Monger 97 career appointments 50 shared boards
  • Friends Life And Pensions Limited No. 00475201 · Director · Active
  • Aviva Wealth Holdings UK Limited No. 06861305 · Director · Active
  • Friends Life Limited No. 04096141 · Director · Active
  • Friends Provident Life Assurance Limited No. 00782698 · Director · Active
  • Friends Provident Investment Holdings Limited No. 04078710 · Director · Active
  • Aviva Management Services UK Limited No. 00983330 · Director · Active
  • Friends' Provident Life Office No. ZC000115 · Director · Active
  • Friends' Provident Managed Pension Funds Limited No. 00172756 · Director · Active
  • Wealth Limited No. 03088046 · Director · Active
  • Friends Provident Pension Scheme Trustees Limited No. 04101345 · Director · Active
  • London And Manchester Group Limited No. 01594941 · Director · Active
  • Undershaft Fplla Limited No. 01665500 · Director · Active
  • Friends Life Fplma Limited No. 00004599 · Director · Active
  • Friends Life Company Limited No. 03291349 · Director · Active
  • Aviva Administration Limited No. 03424940 · Director · Active
  • Friends Life Assurance Society Limited No. 00776273 · Director · Active
  • Undershaft Fal Limited No. 06363657 · Director · Active
  • Friends Sl Nominees Limited No. 00592965 · Director · Active
  • Suntrust Limited No. 01460956 · Director · Active
  • Friends Aellas Limited No. 00575435 · Director · Active
  • Friends Life Wl Limited No. 03116645 · Director · Active
  • Sesame Bankhall Group Limited No. 03573352 · Director · Active
  • Sesame Limited No. 02844161 · Director · Active
  • Bankhall Support Services Limited No. 02785381 · Director · Active
  • Bupa International Markets Limited No. 01419145 · Director · Active
  • Governor And Company Of The Bank Of Ireland No. FC007248 · Director · Active
  • Businessldn No. 02756521 · Director · Active
  • THE Ireland Fund Of Great Britain No. 07614886 · Director · Active
  • Admiral Group PLC No. 03849958 · Director · Active
  • AJ Bell PLC No. 04503206 · Director · Active
  • Gatcombe Court And Highgrove Court Management Company Limited No. 02498974 · Director · Active
  • Genesis Specialist Care Holding UK Limited No. 09605635 · Director · Active
MR Jeremy Charles Douglas Townsend 62 career appointments 7 shared boards
  • Cifas No. 02584687 · Director · Active
  • Rightmove PLC No. 06426485 · Director · Active
  • Rightmove Group Limited No. 03997679 · Director · Active
  • Pearson PLC No. 00053723 · Director · Active
  • Marks & Spencer Simply Foods Limited No. 04739922 · Director · Active
  • Marks And Spencer (Investment Holdings) Limited No. 13587353 · Director · Active
  • Marks And Spencer Holdings Limited No. 11845975 · Director · Active
MR Eoin Philip Tonge 39 career appointments 7 shared boards
  • Cifas No. 02584687 · Director · Active
  • Rightmove PLC No. 06426485 · Director · Active
  • Rightmove Group Limited No. 03997679 · Director · Active
  • Pearson PLC No. 00053723 · Director · Active
  • Marks & Spencer Simply Foods Limited No. 04739922 · Director · Active
  • Marks And Spencer (Investment Holdings) Limited No. 13587353 · Director · Active
  • Marks And Spencer Holdings Limited No. 11845975 · Director · Active
Roger John Edwards 67 career appointments 6 shared boards
  • English Stage Company Limited(The) No. 00539332 · Director · Active
  • THE Beacon Fellowship Charitable Trust No. 04689391 · Director · Active Proposal To Strike Off
  • THE Sage Group PLC. No. 02231246 · Director · Active
  • Grey Communications Group Limited No. 01795794 · Director · Active
  • Grey Global Group (Uk) Limited No. 03664479 · Director · Active
  • G2 London Limited No. 01448846 · Director · Active Proposal To Strike Off
MR Stephen Joseph Rowe 7 career appointments 6 shared boards
  • Cifas No. 02584687 · Director · Active
  • Rightmove PLC No. 06426485 · Director · Active
  • Rightmove Group Limited No. 03997679 · Director · Active
  • Pearson PLC No. 00053723 · Director · Active
  • Marks & Spencer Simply Foods Limited No. 04739922 · Director · Active
  • Marks And Spencer (Investment Holdings) Limited No. 13587353 · Director · Active
MR Peter John Linnell 83 career appointments 5 shared boards
  • English Stage Company Limited(The) No. 00539332 · Director · Active
  • THE Beacon Fellowship Charitable Trust No. 04689391 · Director · Active Proposal To Strike Off
  • THE Sage Group PLC. No. 02231246 · Director · Active
  • Grey Communications Group Limited No. 01795794 · Director · Active
  • Grey Global Group (Uk) Limited No. 03664479 · Director · Active
+ Show the 59 resigned officers

Historical board

Resigned network

Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.

2019

Amanda Mellor

Secretary Served 2009 → 2019
2009

Graham John Oakley

Secretary Served 2002 → 2009
2002

Trusec Limited

Corporate Nominee Secretary Served 2001 → 2002
2002

Melissa Katherine Andrewes

Director Served 2001 → 2002
2004

Brian Ford Baldock

Director Served 2002 → 2004
2002

Anthony Frank Elliott Ball

Director Served 2002 → 2002
2018

Manvinder Singh Banga

Director Served 2011 → 2018
2024

Katie Bickerstaffe

Director Served 2022 → 2024
2020

Katie Bickerstaffe

Director Served 2018 → 2020
2016

Marc Bolland

Director Served 2010 → 2016
2012

Kate Bostock

Director Served 2008 → 2012
2018

Patrick Francois Bousquet-Chavanne

Director Served 2013 → 2018
2020

Alison Jane Brittain

Director Served 2014 → 2020
2008

Terence, Lord Burns

Director Served 2005 → 2008
2004

Barbara Cassani

Director Served 2003 → 2004
2018

Miranda Curtis

Director Served 2012 → 2018
2013

David Jeremy Darroch

Director Served 2006 → 2013
2015

John William Dixon

Director Served 2009 → 2015
2015

Jan Petrus Du Plessis

Director Served 2008 → 2015
2025

Ronan James Dunne

Director Served 2022 → 2025
2010

Ian Dyson

Director Served 2005 → 2010
2008

Steven Derek Esom

Director Served 2008 → 2008
2024

Andrew Raymond Fisher

Director Served 2015 → 2024
2016

Martha Lane Fox

Director Served 2007 → 2016
2005

Anthony John Habgood

Director Served 2004 → 2005
2022

Andrew Nigel Halford

Director Served 2013 → 2022
2004

Maurice Harold Helfgott

Director Served 2003 → 2004
2014

Steven John Holliday

Director Served 2004 → 2014
2004

Roger Anthony Holmes

Director Served 2002 → 2004
2007

John Michael Joseph Keenan

Director Served 2002 → 2007
2025

Justin King

Director Served 2019 → 2025
2003

Justin Matthew King

Director Served 2002 → 2003
2006

John Kevin Lomax

Director Served 2002 → 2006
2021

Pip Mccrostie

Director Served 2018 → 2021
2004

Mark David Mckeon

Director Served 2004 → 2004
2002

Alan James Mcwalter

Director Served 2002 → 2002
2012

David Michael Charles Michels

Director Served 2006 → 2012
2006

Paul Myners

Director Served 2002 → 2006
2004

David Ronald, Sir Norgrove

Director Served 2002 → 2004
2011

Louise Alexandra Virginia Charlotte, Lady Patten

Director Served 2006 → 2011
2004

Laurel Claire Powers-Freeling

Director Served 2002 → 2004
2004

Vittorio Radice

Director Served 2003 → 2004
2005

Alison Clare Reed

Director Served 2002 → 2005
2004

Stella, Dame Rimington

Director Served 2002 → 2004
2011

Stuart Alan Ransom, Sir Rose

Director Served 2004 → 2011
2001

Drusilla Charlotte Jane Rowe

Nominee Director Served 2001 → 2001
2022

Stephen Joseph Rowe

Director Served 2012 → 2022
2002

Andrew Gareth Ryde

Director Served 2001 → 2002
2013

Steven Michael, Dr Sharp

Director Served 2005 → 2013
2019

Humphrey Stewart Morgan Singer

Director Served 2018 → 2019
2018

Richard Leslie Solomons

Director Served 2015 → 2018
2014

Alan James Harris Stewart

Director Served 2010 → 2014
2017

Robert William Ashburnham Swannell

Director Served 2010 → 2017
2022

Eoin Philip Tonge

Director Served 2020 → 2022
2004

Luc Emile Vandevelde

Director Served 2002 → 2004
2016

Laura Katharine Wade-Gery

Director Served 2011 → 2016
2018

Helen Alison Weir

Director Served 2015 → 2018
2005

Charles Wilson

Director Served 2004 → 2005
2001

Eleanor Jane Zuercher

Nominee Director Served 2001 → 2001

06 · AI Investigation

Case file open · File no. 04256886 · 29 July 2026 · Trust signal · 70/100 · AI confidence · 91%

M&S is a classic food-led turnaround that has found its stride: Food pulls two-thirds of all sales and its margins are rising, while clothing is taking share from rivals.

AI forensic pass across 100 Companies House filings. 32 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.

Critical
2
Load-bearing signals
Warning
18
Context to the summary
Structural
12
Supporting facts
Evidence
14
Distinct pages cited

AI Analyst commentary

What the numbers, the board, and the ownership say

Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.

Balance sheet

Net assets grew 4.3% to £2.95bn, showing the balance sheet is holding up despite the profit dip. The pressure point is on the liabilities side — current liabilities climbed 10.4% to £2.78bn and cash fell to £864.5m, shrinking the gap between what M&S holds in liquid assets and what it owes in the near term.

Board

15 directors currently registered at Companies House, including CEO Stuart Machin and Chair Archie Norman — a large but experienced board for a FTSE-listed retailer. Notable cross-directorships: Alison Dolan also sits on Ocado Retail Limited and Marks and Spencer plc boards; Fiona Dawson serves on Reckitt Benckiser Group plc — reflecting wide commercial experience across the non-executive panel.

Ownership

Listed plc structure: no single controlling shareholder — institutional ownership typical of a FTSE 100 company with millions of shareholders. Group holding company: Marks and Spencer Group plc sits above the trading entity (Marks and Spencer plc) — a standard listed-group structure where the holding company consolidates results from operating subsidiaries including the Ocado Retail joint venture.

Case files · Chapter dossier

The investigation, chapter by chapter

The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.

The Profit Squeeze

Turnover barely moved, but the bottom line took a serious hit.

-31%
Profit after tax FY2024 £425m FY2025 £292m
The full working

Turnover fell just 2% — from £13.04 billion to £12.82 billion — yet profit after tax dropped 31%. That gap between revenue resilience and profit erosion points to cost pressure rather than a sales problem. The tax charge eased slightly, so the squeeze happened above the tax line.

Source · P&L FY2024 and FY2025

Operating Profit Under Pressure

The gap between what the business earns and what it keeps is widening.

Profit before tax

FY2024 £672m
FY2025 £512m
The full working

Operating profit fell from £714.2 million to £624.3 million — a 13% drop on a 2% revenue decline. Profit before tax then fell a further step to £511.8 million, a 24% fall year-on-year. Each layer of the income statement amplified the compression.

Source · P&L FY2024 and FY2025

Cash: Strong In, Deployed Out

Operating cash held steady, but investing spend jumped 60%.

-60%
Investing cash outflow FY2024 £435m FY2025 £696m
The full working

The business generated £1.313 billion from operations in FY2025 — almost identical to FY2024. But investing outflows nearly doubled, reaching £696.1 million, up from £435.3 million. That surge consumed a significant portion of the operating surplus and pulled cash on hand down 15% to £864.5 million.

Source · Cash flow statement FY2025

Balance Sheet: Stretched at Both Ends

Current liabilities rose 10% even as cash fell — a tightening liquidity picture.

£2.4bn Current assets
vs
£2.8bn Current liabilities
The full working

Current assets grew 12% to £2.40 billion, but current liabilities grew faster, reaching £2.78 billion — a ratio that leaves current liabilities £373.8 million ahead of current assets. Long-term liabilities fell 6% to £2.91 billion, and net assets rose 4% to £2.95 billion, so the overall balance sheet remains positive.

Source · Balance Sheet FY2025

Who Owns M&S?

No person of significant control is recorded at Companies House.

  • Fragmented public shareholders (no single PSC on record)
  • Listed holding company Marks and Spencer Group P.L.C. (04256886)
  • Operating subsidiaries (below this entity)

Source · PSC register; Companies House filing

Governance and Filing History

A clean filing record with a busy board refresh underway.

  • Jul 2026 Share allotment (SH01) filed
  • Jul 2025 Resolutions filed
  • Jul 2001 Incorporated as TRUSHELFCO (NO.2827) LIMITED
  • Jan 2002 Renamed Marks and Spencer Group P.L.C.
  • Jan & Dec 2025 Four new directors appointed

Source · Companies House name history; director appointments; filing signals

Cross-signal intelligence

AI correlations across the filing

Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.

↔ Cross-reference

The 60% surge in investing outflows [chapter 3] offers a plausible explanation for why cash fell 15% despite operating cash holding firm — capital is being deployed, not lost to trading losses.

The tightening gap between current assets and current liabilities [chapter 4] sits alongside a 31% fall in profit after tax [chapter 1], meaning the cushion is thinner at the same moment earnings are compressing.

Four new directors joining in 2025 [chapter 6] coincides with the year of sharpest profit decline [chapter 1], suggesting the board renewal may be a response to the performance trajectory rather than routine succession.

Deep signals

Buried in the filing

Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.

01

Cash conversion far exceeds reported profit

This is consistent with a large retailer collecting cash from customers almost immediately while paying suppliers on extended credit terms. It suggests reported profit, if anything, understates the cash the business is generating day-to-day — and that the income statement tells only part of the story.

02

Trade debtors grew sharply to £710.3m

This step-change from FY2024 onwards is consistent with a shift in business mix — possibly reflecting growth in B2B, wholesale or franchise arrangements (including international) that involve invoice-based payment rather than immediate retail transactions. The filing does not explain the cause, but the scale of the change is worth understanding before extending significant trade credit.

03

Long-term liabilities fell while current liabilities rose

This pattern is consistent with long-term debt or lease obligations moving into the current (due within 12 months) bucket as they approach maturity. It does not signal new borrowing — but it does mean a larger portion of what M&S owes is now payable in the near term, which warrants monitoring.

Forensic investigation · 32 signals

Three specialist agents, working in parallel

Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.

01

Segmental Analysis

Food is the biggest earner, making up 66% of group revenue

UK & ROI Food revenue was £9,021.0m in FY2025 vs £8,298.8m in FY2024, representing 65.5% of total group revenue of £13,816.8m (sales basis). Adjusted operating profit was £484.1m vs £388.4m prior year.

p.5 · 5 more from this specialist

02

Strategic KPIs

Group revenue up 6% to £13.8bn — third year of growth

Group revenue grew from £13.0bn (2023/24) to £13.8bn (2024/25), a 6% increase.

p.4 · 14 more from this specialist

03

Capital Structure & Borrowings

Net finance costs jumped from £41.7m to £112.5m year on year

Net finance costs rose from £41.7m in 2024 to £112.5m in 2025, mainly because finance income fell from £146.7m to £64.7m while finance costs fell only slightly from £188.4m to £177.2m.

p.144 · 10 more from this specialist

+ Show all 32 specialist findings

Segmental Analysis (6)

01

Food is the biggest earner, making up 66% of group revenue

UK & ROI Food revenue was £9,021.0m in FY2025 vs £8,298.8m in FY2024, representing 65.5% of total group revenue of £13,816.8m (sales basis). Adjusted operating profit was £484.1m vs £388.4m prior year.

Why it matters: Food dominates the business — two-thirds of all sales come from one segment, so any problems in food (price competition, supply chain) would hit the whole group hard.

p.5 critical conf 95%

02

Ocado segment is loss-making, losing £28.7m this year

The Ocado segment recorded an adjusted operating loss of £28.7m in FY2025 vs a loss of £37.3m in FY2024. Revenue from Ocado is reported as nil (share of profits/losses only, not consolidated revenue).

Why it matters: M&S's stake in Ocado is still costing money every year, though the loss is getting smaller. Investors should watch whether this investment ever turns profitable.

p.5 critical conf 95%

03

International segment shrank — revenue fell 8.5% year on year

International revenue fell to £658.0m in FY2025 from £719.1m in FY2024, a drop of £61.1m or 8.5%. Adjusted operating profit was £46.3m vs £47.8m prior year.

Why it matters: The overseas business is getting smaller, which could mean franchise partners are struggling or MBK is pulling back from some markets — worth monitoring.

p.5 important conf 95%

04

Group total revenue of £13,816.8m does not match the headline figure

The segmental note shows group revenue of £13,816.8m for FY2025. The headline group turnover provided was £12.82bn (£12,816.8m), a difference of £1,000.0m. Note 1 explains sales are stated prior to adjustments for UK Fashion, Home & Beauty brand consignment sales of £97.5m; the remaining gap may relate to how revenue vs sales is defined across segments.

Why it matters: There is a £1bn gap between the segmental revenue total and the headline turnover figure — readers should check whether this is a definitions difference (e.g. brand consignment, VAT, or gross vs net) before drawing conclusions.

p.5 important conf 75%

05

Adjusted group operating profit rose to £984.5m, up 17.5% on last year

Total group adjusted operating profit was £984.5m in FY2025 vs £838.6m in FY2024, a rise of £145.9m. After adjusting items of £363.7m, reported profit before tax was £511.8m vs £672.5m prior year.

Why it matters: The underlying business is doing much better, but large one-off charges (adjusting items) nearly halved the reported profit — understanding what those charges are is key to judging the true performance.

p.5 important conf 95%

06

Fashion, Home & Beauty revenue grew strongly, up £144m (3.5% rise)

UK & ROI Fashion, Home & Beauty revenue was £4,137.8m in FY2025 vs £4,022.2m in FY2024 (on a sales basis including brand consignment, £4,235.3m vs £4,091.4m). Adjusted operating profit rose to £475.3m from £437.5m.

Why it matters: Fashion is growing and becoming more profitable, showing MBK's strategy to improve clothing is paying off — this is good news for shareholders.

p.5 useful conf 93%

Strategic KPIs (15)

01

Group revenue up 6% to £13.8bn — third year of growth

Group revenue grew from £13.0bn (2023/24) to £13.8bn (2024/25), a 6% increase.

Why it matters: Three straight years of rising sales shows this is a business growing steadily, not just having one good year — good sign for anyone supplying or lending to M&S.

p.4 important conf 98%

02

Food like-for-like sales up 8.6% — customers buying more, more often

Food LFL growth was 8.6% in 2024/25, driven by UK volume growth of 6.7% (up from 5.2% in 2023/24).

Why it matters: Volume growth — not just price rises — means more customers are choosing M&S Food for their regular shop, which is hard to reverse and signals real competitive strength.

p.4, p.13, p.14 important conf 95%

03

Fashion, Home & Beauty LFL sales up 4.4% with market share at 10.5%

FH&B LFL sales grew 4.4% in 2024/25; market share rose from 10.0% to 10.5% (up 57 basis points).

Why it matters: Growing market share in a tough clothing market means M&S is taking customers from rivals, making it more resilient if overall spending slows.

p.4, p.15 important conf 95%

04

Online orders now 54% of all FH&B sales — up from 44% last year

App and online orders reached 54% of FH&B sales in 2024/25, versus 44% in 2023/24.

Why it matters: More than half of clothing sales now happen online, so the speed of M&S's digital improvement directly affects future sales — and the report admits more work is needed here.

p.4 important conf 95%

05

Group profit before tax (adjusted) jumped 22% to £875.5m

Adjusted profit before tax rose from £716.4m to £875.5m, up 22.2% year on year.

Why it matters: Profit growing much faster than sales means M&S is keeping more of every pound it earns — a strong signal of improving efficiency.

p.4 important conf 98%

06

Statutory profit before tax fell 24% to £511.8m — cyber attack weighs

Statutory profit before tax dropped from £672.5m to £511.8m, a fall of 23.9%, partly reflecting adjusting items.

Why it matters: The big gap between adjusted and statutory profit means significant one-off costs (including cyber incident costs) are hitting the reported bottom line — worth watching in 2025/26.

p.4 important conf 95%

07

Net funds swing from near-zero to £437.8m — balance sheet transformed

Net funds excluding lease liabilities went from £45.7m in 2023/24 to £437.8m in 2024/25, a rise of 858%.

Why it matters: Having £438m in net cash (more than net debt) means M&S can fund its store and tech upgrade plan without needing to borrow — reducing risk for suppliers and lenders.

p.4 important conf 97%

08

Food operating margin improved to 5.4% from 4.7% — more profit per sale

Food adjusted operating profit margin increased from 4.7% to 5.4% in 2024/25.

Why it matters: Higher margins in Food mean M&S earns more profit for every pound of food it sells — good news for financial health even if the food market gets more competitive.

p.11 important conf 90%

09

FH&B operating margin at 11.2% — above the 10% target

Fashion, Home & Beauty adjusted operating profit margin reached 11.2% in 2024/25, versus 10.7% the prior year and a stated 10% target.

Why it matters: Being above the margin target in clothing shows the business is getting more efficient — and leaves room to absorb cost pressures without hurting profit.

p.11, p.15 important conf 90%

10

Cyber attack expected to cost ~£300m in 2025/26 — big near-term hit

M&S estimates the cyber incident (April/May 2025) will impact Group profit by around £300m for 2025/26, reduced by insurance and other actions.

Why it matters: A £300m profit hit next year is very large — roughly a third of this year's adjusted profit — and creates real uncertainty for the next 12 months.

p.12 important conf 97%

11

International sales down 7.1% at constant currency — reset underway

International sales fell 7.1% at constant currency in 2024/25; owned sales down 8.0% driven by weak trading in India.

Why it matters: The international business is shrinking while M&S resets its strategy — it is not yet a reliable growth engine, though management says recovery is underway.

p.18, p.19 important conf 92%

12

Ocado Retail revenue up 15.5% to £2.8bn — strong online grocery growth

Ocado Retail revenue grew 15.5% to £2.8bn for the 12 months to 30 March 2025; M&S sales volumes up 20.2%.

Why it matters: Fast growth in the Ocado joint venture (which will be fully consolidated from 2025/26) will add significant revenue and complexity to M&S's accounts next year.

p.20 important conf 90%

13

Food market share reached 3.9% — up 27 basis points in the year

Food market share for the 52 weeks to 23 March 2025 was 3.9%, up from 3.7% the prior year.

Why it matters: M&S keeps winning a bigger slice of the UK grocery market, which is growing their customer base rather than just selling more to existing shoppers.

p.13 useful conf 95%

14

8 new Food stores opened; 2 new Full Line stores — estate growing

8 new Food stores and 2 new Full Line stores opened in 2024/25 (vs 8 and 6 respectively in 2023/24).

Why it matters: New stores opening ahead of hurdle-rate returns confirm the expansion plan is working and creating capacity for future sales growth.

p.4, p.14 useful conf 93%

15

Customer quality perception score rose to 71 from 69 — brand getting stronger

Food perception for quality score was 71 in 2024/25, up from 69 in 2023/24. FH&B style perception rose to 34% from 29%.

Why it matters: Customers believing M&S offers better quality and style is what drives them to switch from rivals — these scores suggest the brand improvements are working.

p.13, p.15 useful conf 88%

Capital Structure & Borrowings (11)

01

Net finance costs jumped from £41.7m to £112.5m year on year

Net finance costs rose from £41.7m in 2024 to £112.5m in 2025, mainly because finance income fell from £146.7m to £64.7m while finance costs fell only slightly from £188.4m to £177.2m.

Why it matters: The company earned much less interest on its cash and investments this year, so the net cost of borrowing nearly tripled — that is a significant shift even though the business can still cover it.

p.144 important conf 92%

02

Dividend rising: total 3.6p per share for 2024/25 vs 3p last year

The board declared a paid interim dividend of 1p per share (£20.3m) and a proposed final dividend of 2.6p per share (£53.4m), giving a total of 3.6p and £73.7m — up from 3p total last year.

Why it matters: A rising dividend signals that the board is confident in future cash flows, and the 20% increase shows the business is generating enough cash to reward shareholders more generously.

p.105 important conf 95%

03

Supplier finance arrangements: £360.3m of trade payables involved

At 29 March 2025, £360.3m of trade payables (45% of total trade payables) were amounts owed under supplier finance arrangements, up from £284.1m last year. The payment window is 28–75 days.

Why it matters: Supplier finance lets M&S's suppliers get paid early by banks; M&S then pays the banks on the invoice due date. This stretches payables but does not change payment terms, so it is not a hidden borrowing — though regulators and investors watch this closely.

p.161 important conf 88%

04

Interest cover is 3.5x — safe but not lavish

Operating profit £624.3m divided by finance costs £177.3m gives interest cover of 3.52x.

Why it matters: The company earns £3.52 for every £1 of interest it owes, which is comfortably above the danger zone of 2x, so interest payments are not a near-term threat.

p.144 useful conf 90%

05

Finance income in 2024 included £88.7m one-off adjusting item

Finance income in 2024 was £146.7m, of which £88.7m was classified as an adjusting (one-off) item; in 2025 only £4.1m was adjusting.

Why it matters: Last year's finance income was flattered by a large one-off gain, so the drop to £64.7m this year is partly expected and not a sign the business is weakening.

p.144 useful conf 88%

06

Cash on hand is £864.5m — a solid liquidity buffer

Cash and cash equivalents are £864.5m at 29 March 2025, earning an average interest rate of 4.6% with an average maturity of 23 days.

Why it matters: Nearly £865m in cash means the company can pay suppliers, service debt and invest without needing to borrow quickly — that is reassuring for anyone doing business with M&S.

p.160 useful conf 95%

07

Long-term liabilities of £2.9bn include lease obligations

Long-term liabilities stand at £2,911.3m. A significant portion relates to IFRS 16 lease liabilities given the company's large store estate — interest on lease liabilities alone was £115.9m in 2025.

Why it matters: Most of this debt is lease obligations on stores and warehouses rather than bank borrowing, which is normal for a big retailer — it does not signal financial distress.

p.144 useful conf 80%

08

No covenant breaches, waivers or credit rating changes disclosed

The documents reviewed contain no disclosure of covenant breaches, lender waivers, or changes to the company's credit rating.

Why it matters: The absence of these disclosures means there are no known loan-limit problems that could restrict the company's ability to borrow or force early repayment.

useful conf 75%

09

Final dividend of 2.6p still needs shareholder approval at AGM

The proposed final dividend of 2.6p per share (£53.4m) is subject to shareholder approval at the 2025 AGM and will be paid on 4 July 2025 to shareholders on the register at 30 May 2025.

Why it matters: Until the AGM vote passes, this payment is not yet legally committed, though rejection is very rare in practice.

p.105 low conf 95%

10

Lease receivables: £78.3m present value from sub-let office space

The group sub-lets surplus office space at Merchant Square, London under finance leases. The present value of lease payments receivable is £78.3m (2024: £77.2m), with over £96m of undiscounted cash flows due after five years.

Why it matters: This is an asset, not a liability — the company collects rent from a tenant over many years, which provides a small but steady income stream.

p.160 low conf 85%

11

No share buyback programme mentioned in these pages

The pages reviewed contain no reference to a share buyback programme being active or planned.

Why it matters: The company is choosing to return cash via dividends rather than buybacks, which is a straightforward policy with no extra capital-structure risk.

low conf 70%

Specialist deep panels · Structured price capture

Every figure the specialists extracted

Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY
UK & ROI Fashion, Home & Beauty €4.1bn €475m +2.9%
UK & ROI Food €9.0bn €484m +8.7%
International €658m €46m -8.5%
Ocado — €-29m —
All other segments — €8m —

Top-segment revenue concentration: 65.3%

Strategic KPIs

8 flagship metrics · 12 supporting

Group revenue
£13.8bn
+6.2% YoY
Food LFL sales growth
8.6%
FH&B LFL sales growth
4.4%
Online orders as % of FH&B sales
54%
+22.7% YoY
Adjusted group profit before tax
£876
+22.2% YoY
Food market share
3.9%
+5.4% YoY
FH&B market share
10.5%
+5.0% YoY
Food volume growth (UK)
6.7%
+ Show 12 supporting KPIs
Statutory group profit before tax
£512
-23.9% YoY
Net funds excl. lease liabilities
£438
+858.0% YoY
Food adjusted operating margin
5.4%
FH&B adjusted operating margin
11.2%
New Food stores opened
8 stores
0.0% YoY
New Full Line stores opened
2 stores
-66.7% YoY
Adjusted basic earnings per share
£32
+29.7% YoY
Basic earnings per share
£15
-33.3% YoY
Food quality perception
£71
+2.9% YoY
FH&B perception for style
34%
+17.2% YoY
Ocado Retail revenue
£2.8bn
+15.5% YoY
Amount raised for YoungMinds
£3
+58.8% YoY

Capital structure

Debt, cover, and dividend posture

Interest cover
3.52×

Management questions · Open inquiry

What management would need to answer next

Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.

Verification gaps

What the filings don't disclose

High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.

A £1bn difference between the segmental revenue total (£13,816.8m) and the headline turnover figure (£12,816.8m) has not been fully explained by the available notes and warrants direct clarification from the company before using either number in external models.

08 · Documents

The filing trail

100 filings · Companies House

Filing distribution

SH01
92%
92
AP01
3
TM01
2
AA
1
CS01
1
RESOLUTIONS
1

Latest filings

3 Jul 2026 SH01 Capital allotment shares
2 Jul 2026 SH01 Capital allotment shares
25 Jun 2026 SH01 Capital allotment shares
18 Jun 2026 SH01 Capital allotment shares
17 Jun 2026 SH01 Capital allotment shares
4 Jun 2026 SH01 Capital allotment shares
29 May 2026 SH01 Capital allotment shares
21 May 2026 SH01 Capital allotment shares
14 May 2026 SH01 Capital allotment shares
8 May 2026 SH01 Capital allotment shares
30 Apr 2026 SH01 Capital allotment shares
23 Apr 2026 SH01 Capital allotment shares

Catalyst timeline

Filing pattern + upcoming windows

100 filings · 2024 → 2026
Accounts Officers Capital Resolutions Other
2024 2025 2026 2027 Accounts due Confirmation due
2026Annual accounts

Next annual accounts due

Due at Companies House by 30 September 2026 for the period ending 31 March 2026.

2026Confirmation

Next confirmation statement due

Annual confirmation due by 6 August 2026 (made up to 23 July 2026).

Final chapter — What we found

What we found

70 STRONG FILING
Verif-AI Synthesis

Strong filing

The balance sheet is solid, the cash conversion is excellent — but profit fell a quarter in one year, and the direction of travel bears watching.

FY2025 accounts

The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.

Signal Radar

How the score breaks down

Financial completeness 70/100
Operational disclosure 72/100
Compliance signals 70/100
Data confidence 70/100

Decisive findings

What decided this summary

The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.

01

Food is the biggest earner, making up 66% of group revenue

UK & ROI Food revenue was £9,021.0m in FY2025 vs £8,298.8m in FY2024, representing 65.5% of total group revenue of £13,816.8m (sales basis). Adjusted operating profit was £484.1m vs £388.4m prior year.

Why it matters: Food dominates the business — two-thirds of all sales come from one segment, so any problems in food (price competition, supply chain) would hit the whole group hard.

p.5

02

Ocado segment is loss-making, losing £28.7m this year

The Ocado segment recorded an adjusted operating loss of £28.7m in FY2025 vs a loss of £37.3m in FY2024. Revenue from Ocado is reported as nil (share of profits/losses only, not consolidated revenue).

Why it matters: M&S's stake in Ocado is still costing money every year, though the loss is getting smaller. Investors should watch whether this investment ever turns profitable.

p.5

10 · Verification

How we know

100 filings · 10 directors · 163 pages

This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 27 reconciled lines tie exactly to the audited iXBRL filing

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation
Profit & loss · p.122
Turnover £12.8bn iXBRL ✓ Ties to filing
Operating profit £624m iXBRL ✓ Ties to filing
Finance income £65m iXBRL ✓ Ties to filing
Finance costs −£177m iXBRL ✓ Ties to filing
Profit before tax £512m iXBRL ✓ Ties to filing
Tax −£220m iXBRL ✓ Ties to filing
Profit after tax £292m iXBRL ✓ Ties to filing
Balance sheet · p.124
Intangible assets £187m iXBRL ✓ Ties to filing
Tangible assets £5.4bn iXBRL ✓ Ties to filing
Fixed assets £6.4bn iXBRL ✓ Ties to filing
Stock £844m iXBRL ✓ Ties to filing
Trade debtors £710m iXBRL ✓ Ties to filing
Cash £864m iXBRL ✓ Ties to filing
Current assets £2.4bn iXBRL ✓ Ties to filing
Total assets £8.8bn iXBRL ✓ Ties to filing
Trade creditors −£2.4bn iXBRL ✓ Ties to filing
Current liabilities £2.8bn iXBRL ✓ Ties to filing
Net current assets −£374m iXBRL ✓ Ties to filing
Total assets less current liabilities £3bn iXBRL ✓ Ties to filing
Bank loans (current) −£356m iXBRL ✓ Ties to filing
Bank loans (non-current) −£2.6bn iXBRL ✓ Ties to filing
Deferred tax −£199m iXBRL ✓ Ties to filing
Long-term liabilities £2.9bn iXBRL ✓ Ties to filing
Provisions £171m iXBRL ✓ Ties to filing
Net assets £3bn iXBRL ✓ Ties to filing
Share capital £21m iXBRL ✓ Ties to filing
Profit & loss reserves £5.9bn iXBRL ✓ Ties to filing

27 read from audited iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2024 → 2026
Accounts filings 1 audited financial statements
Officer events 5 appointments + terminations
Capital events 92 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 10 incl. 1 corporate officer
Records cross-referenced 27.8m UK appointments dataset
Avg failure rate 0.0% across prior appointments
Phoenix scan 0 directors flagged

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Politically-exposed persons · None foundPEP screen · 0 hits Audit opinion · UnqualifiedUnqualified ISA-700 opinion Auditor · Deloitte LLP Status · Active

Screened 70 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026 · Companies House — Disqualified Directors register, checked 04 July 2026.

Steps we ran

How the report was assembled

Pages read 163 PDF pages analysed
Steps run 9 0 skipped · 9 completed
AI checks 3 independent reviews
Years analysed 8 audited filings trended

Pipeline — what ran on this report

Read PDF accounts 163 pages Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

What this report doesn't claim

01

Persons with significant control

No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.

02

Principal risks register

The filed accounts did not surface a structured principal-risks register, or one was not extracted by the parser. Small / micro-entity filings are not required to disclose this.

Plain-English glossary · 10 terms
Pre-tax Profit (PBT)
What the company earned after paying all its running costs, but before paying corporation tax.
In this filing: M&S made £511.8m PBT in FY2025 — down 23.9% from £672.5m the year before.
Net Assets
Everything the company owns minus everything it owes — the financial net worth of the business.
In this filing: M&S has £2.95bn in net assets, which grew 4.3% even in a down profit year.
Current Liabilities
Bills the company must pay within the next 12 months — suppliers, tax, short-term loans.
In this filing: M&S owes £2.78bn in current liabilities, up 10.4% from last year — the fastest-growing part of the balance sheet right now.
Cash Conversion
How much of the reported profit actually turns into real cash sitting in the bank.
In this filing: At 449.8%, M&S converts far more cash than its reported profit — meaning the profit figure, if anything, understates cash generation.
Debtor Days
On average, how many days it takes for customers to pay what they owe.
In this filing: M&S collects in 20 days — fast, as expected for a retailer where most sales are paid instantly at the till.
Creditor Days
On average, how many days the company takes to pay its own suppliers.
In this filing: The figure shows -68 days, meaning M&S pays suppliers roughly 68 days before it collects from customers — creating a large cash demand the business funds from its own resources.
Working Capital Gap
The gap between when a company pays its bills and when it gets paid — if it pays first, it needs cash to fill that gap.
In this filing: M&S has an 88-day gap requiring £3.09bn to bridge — a structural feature of running a large retail business, not a sign of distress.
Fixed Assets
Long-term things the business owns and uses to operate — stores, equipment, right-of-use lease assets.
In this filing: M&S has £6.42bn of fixed assets, mostly stores and long-term leases recorded on the balance sheet.
Long-term Liabilities
Debts and obligations the company doesn't need to repay within the next year — bonds, long-term leases, pension deficits.
In this filing: M&S has £2.91bn in long-term liabilities, down from £3.09bn — a sign the group is slowly reducing its longer-term obligations.
cash / current-liability cover (Liability Cover)
If the company stopped trading and used its cash to pay current bills, how many months would the cash last.
In this filing: M&S has 3.7 months of liability cover — this is not an operating burn figure; it simply shows cash vs the size of short-term obligations.