Marks And Spencer Group P. L. C. reported £12.8bn revenue in FY2025, up 20% across 8 filed years.

Open filed source ↗
Where's the money from?
Revenue £12.8bn (FY2025), down 2% YoY
This is the total revenue line reported in the filed accounts.
Filed source ↗
Revenue trend
£10.7bn → £12.8bn
Revenue up about 20% across 8 filed years.
Filed source ↗
What do the filed figures show?
1.5% → 4.9%
Operating margin widened as it grew.
Filed source ↗
Who's behind it?
10 active directors
Full board and backgrounds in the People tab.
Filed source ↗

general merchandise and food retail · uk · medium complexity

Filing brief · Company record

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 03Review 05People 07Detailed findings 08Filings 09Verification
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Company No.04256886
Statusactive
Latest accountsFY2025 accounts
Filed 9 July 2025 1.2 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 source detail on any beat for the supporting context.

The Profit Squeeze

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

-31%
Profit after tax FY2024 £425m FY2025 £292m
The source detail

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 source detail

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 source detail

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 source detail

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

Questions answered from this company's filings, with the source for every figure.

Q1 What does the filing disclose about short-term obligations?

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 disclosures to review in the compliance record.

Source · Companies House name history; filing signals

Q5 Which note disclosures merit attention?

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 This is the total revenue line reported in the filed accounts.

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 status withheld — structured records disagree Deloitte LLP

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 03Review 05People 07Detailed findings 08Filings 08Summary 09Verification

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 Down 15.4% year on year.
Turnover £12.82bn ▼ 1.7% vs £13.04bn FY2024 Down 1.7% year on year.
Pre-tax profit £511.8m ▼ 23.9% vs £672.5m FY2024 Down 23.9% year on year.
Net assets £2.95bn ▲ +4.3% vs £2.83bn FY2024 Up 4.3% year on year.

Filing signals

Calculated indicators · 1 filed calculation

Profitable
+ Review notes
  • Profitable — PBT of £511.8m on turnover of £12.82bn

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 the reported revenue, costs and tax figures combine to produce profit after tax. The table shows the filed flow for the latest year.

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

FY2025 accounts · cascade view

04 · Filing notes

What the filings reveal

Filed records and calculated indicators
Screening 1 name overlap Identity not established Current ratio 0.87× short-term cover Current assets ÷ current liabilities · FY2025 accounts Source-check records 3 filed items Listed from the screening output Auditor Audit status withheld — structured records disagree 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× The filing reports £0.87 of current assets for each £1 of current liabilities.
Profit-to-cash Cash conversion · earnings quality 210% The filing reports £2.10 of operating cash flow for each £1 of operating profit.
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 filing notesNo critical source pattern Sanctions check · No matchScreening completed PEP screen · No match recordedPEP sources · 0 matches Disqualified register overlap · 1Name only · identity not established Auditor · Deloitte LLP Audit status withheld — structured records disagree Status · Active

Compliance signals

What the compliance pass surfaced

Unconfirmed disqualified-director match

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

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

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

04 · Market

Registered activities

Companies House SIC2007 classifications · optional comparison

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

10 active 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 · Filing review

Filing brief open · File no. 04256886 · 12 September 2026 · Filing evidence · 14 pages cited · Source-linked findings · 32

Marks And Spencer Group P.L.C. reported £12.8bn revenue in FY2025, up 20% across 8 filed years..

Source-linked review across 100 Companies House filings. 32 page-cited findings from three source checks, 3 cross-signal correlations, and 4 source-check questions — every material statement traces back to a filing reference.

Key findings
2
Verified material findings
Open summary →
Context
18
Context to the summary
Open filing context →
Supporting
12
Supporting facts
Open detailed findings →
Evidence
14
Distinct pages cited
Open verification →

Key findings are the highest-materiality statements. Context and supporting facts remain available below.

Start here

The short version, then the evidence

Read the summary first. Open the detailed findings when you want the supporting facts, and the verification chapter when you want to see how the record was checked.

See detailed findings →
01Read the summaryWhat the filed record shows at a glance. 02Open the evidenceSupporting facts and detailed findings. 03Check the sourceHow the figures and statements were checked.

Filing context

What the numbers, the board, and the ownership say

Filed figures, board records and ownership information in one view.

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.

Open filed source ↗
Board

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.

Open filed source ↗
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.

Open filed source ↗

Filed accounts · Chapter detail

The filing, chapter by chapter

Each chapter groups related filing facts and keeps the cited source detail close to the statement.

The Profit Squeeze

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

-31%
Profit after tax FY2024 £425m FY2025 £292m
The source detail

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 source detail

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 source detail

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 source detail

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-chapter connections

Linked facts across the filing

Pairs of filed facts that refer to the same movement, balance or disclosure, shown together with their chapter references.

↔ 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.

Additional filed details

Details from the filing

Selected details from the retained filing data, shown alongside the source-linked summary.

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.

Open filed source ↗
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.

Open filed source ↗
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.

Open filed source ↗

Source-linked review · 32 findings

Detailed findings from the filed accounts

Segmental revenue · capital structure · strategic KPIs. Each material statement includes its filing-page reference.

01

Segment information

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 related findings

02

Reported indicators

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 related findings

03

Capital structure

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 related findings

+ Show all 32 detailed findings

Segment information (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.

p.5 Primary

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).

p.5 Primary

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.

p.5 Context

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.

p.5 Context

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.

p.5 Context

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.

p.5 Supporting

Reported indicators (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.

p.4 Context

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).

p.4, p.13, p.14 Context

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).

p.4, p.15 Context

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.

p.4 Context

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.

p.4 Context

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.

p.4 Context

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%.

p.4 Context

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.

p.11 Context

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.

p.11, p.15 Context

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.

p.12 Context

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.

p.18, p.19 Context

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%.

p.20 Context

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.

p.13 Supporting

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).

p.4, p.14 Supporting

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%.

p.13, p.15 Supporting

Capital structure (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.

p.144 Context

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.

p.105 Context

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.

p.161 Context

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.

p.144 Supporting

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.

p.144 Supporting

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.

p.160 Supporting

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.

p.144 Supporting

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.

p.105 Supporting

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.

p.160 Supporting

11

No share buyback programme mentioned in these pages

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

Open filed source ↗ Supporting

Structured filing detail

Supporting figures extracted from the filing

Segmental revenue, named indicators with year-on-year movements, and capital-structure figures taken 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×

Open questions from the filing

Questions raised by the disclosed data

These questions are based on information that was not present or not clear in the retained filing data.

Verification gaps

What the filings don't disclose

These are items not present or not clear in the retained filing data. They are shown so the limits of the source are easy to see.

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 · Sources

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).

Summary · What the filing shows

What we found

Filing evidence displayed Verif-AI is showing source-linked filing evidence, calculated indicators, and review notes.
Source-linked summary

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

FY2025 accounts

Open Companies House filing history ↗

Source-linked findings

What supports this summary

Three source-linked facts support this summary. The remaining material is available under Detailed findings.

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.

Filing context: 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).

Filing context: M&S's stake in Ocado is still costing money every year, though the loss is getting smaller.

p.5

09 · Verification

How we know

100 filings · 10 active directors · 163 pages

Retained source method: filed iXBRL. The report also uses the Companies House company, officer and filing records stored with this brief.

4 generated statements were withheld because they did not agree with the structured filing data.

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 filed iXBRL data

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read from the company's filed machine-readable tags, with the source label retained. 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 filed iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2024 → 2026
Accounts filings 1 accounts documents
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 filing notesNo critical source pattern Sanctions check · No matchScreening completed Politically-exposed persons · None foundPEP screen · 0 hits Audit status withheld — structured records disagreeDeloitte LLP 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
Source checks 3 recorded review stages
Years analysed 8 filing periods shown

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

Limits of this brief

01

Persons with significant control

No persons with significant control are recorded against this entity in the retained Companies House PSC data.

02

Principal disclosures

The retained filing data did not include a structured principal-risks register.

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.