M&S turns corner as it heads back into black

Marks & Spencer has raised hopes that it has finally rediscovered a winning formula. Yesterday, it reported a rise in annual profit for the first time in four years and its intention to return excess cash to shareholders.

After a poor Christmas, the results also ease the pressure on Marc Bolland, chief executive since 2010.

Some observers have suggested that recent improvement in the M&S share price offer an opportunity for him to leave on a relative high, but Bolland said he had no plans to depart any time soon, telling reporters he expected to present results this time next year.