Marks and Spencer Group PLC (MKS)

[idpickering]

Half-year Report.

Strong first half results

· Profit before tax and adjusting items of £360.2m (2022/23: £205.5m)

· Statutory profit before tax of £325.6m (2022/23: £208.5m)

· Food sales up 14.7%; adjusted operating profit £164.9m (2022/23: £71.8m) and margin of 4.3%

· Clothing & Home sales1 up 5.7%; adjusted operating profit £223.4m (2022/23: £171.4m) and margin of 12.1%

· Ocado Retail share of adjusted loss £23.4m (2022/23: share of loss £0.7m)

· International constant currency sales up 3.9%; adjusted operating profit £43.4m (2022/23: £39.0m)

· Stronger balance sheet: free cash flow reducing net debt and interest costs. Restoration of dividend of 1p per share.

And later;

Dividends

With the Group generating a further improvement in operating performance, balance sheet and credit metrics, the Board is restoring a dividend to shareholders, starting with an interim dividend of 1p per share. In line with the requirements of IAS 10 Events after the Reporting Period, this has not been recognised within these results. This interim dividend will be paid on 12 January 2024 to shareholders whose names are on the Register of Members at the close of business on 17 November 2023. The ordinary shares will be quoted ex dividend on 16 November 2023.

A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election is 19 December 2023.

https://www.investegate.co.uk/announcem ... rt/7866935

Ian (No holding).

[idpickering]

The above seems to have gone down well, with the MKS share price being up nearly 10% as I type.

Ian.

[idpickering]

Additional Listing.

Application has been made to the Financial Conduct Authority and the London Stock Exchange for a block listing of 70,000,000 Ordinary shares of 1p each under the Company's SAYE Scheme, to trade on the London Stock Exchange and to be admitted to the Official List. The shares will rank pari passu with the existing issued shares of the Company. It is anticipated that the Shares will be admitted on 15 December 2023.

https://www.investegate.co.uk/announcem ... ng/7941144

Ian (No holding).

[idpickering]

Christmas 2023/2024 Trading

https://www.investegate.co.uk/announcem ... ng/7984421

Ian (No holding).

[idpickering]

Final Results

https://www.investegate.co.uk/announcem ... ts/8212961

Ian.

[daveh]

Dividend being paid for the first year after a 3 year hiatus, but still well below what they were paying in 2016:

Dividend

With the Group generating a further improvement in operating performance, balance sheet and credit metrics, a final dividend of 2p has been declared, resulting in a full year dividend of 3p in 2023/24. The final dividend is due to be paid on 5 July 2024 to shareholders on the register of members as at close of business on 31 May 2024.