Marks & Spencer (M&S) has revealed that its adjusted pre-tax profits fell by 23.8% to £671.4m in the year to 28 March, due to disruption from a major cyber attack which halted online clothing sales last year.

The high street giant also told shareholders that revenues dropped by 25% to £13.8bn for the year.

Nevertheless, the retailer said it has come out of the year “stronger” and expects to return to profit growth this financial year, compared with levels from before the cyber attack.

The group’s food arm reported 7% sales growth for the year.

CEO Stuart Machin stressed that the group is making progress despite pressures on its costs, including from increased government regulation and war in the Middle East.

He said: “Retailers face a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict.

“At M&S we are unshaken by short-term events.

“We have a clear plan and there is much within our control as we reinvest in value and quality for our customers.”

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