M&S tallies cost of cyber attack at £131 million
The ransomware attack last year meant M&S could not take online orders for six weeks from April 25, after its data was compromised via a vulnerable vendor.
IN ITS annual results M&S said adjusted profit before tax was down 23.8% at £671.4m, however H2 performance was up 4.1%.
Balancing the £131 million hit, M&S received a £100m insurance payout due to the cyber incident.
The National Crime Agency has made a number of arrests in association with the attack.
The year was also marked by significant investment in logistics infrastructure.
In Fashion, Home & Beauty, M&S has accelerated supply chain improvements, acquiring a fully automated fashion distribution site in Lichfield to increase capacity and deliver new styles faster.
Marks & Spencer has also begun construction on a landmark £340m automated food DC in Northamptonshire.
M&S chief executive Stuart Machin, said: “That was an extraordinary year. We were laser focused on our customers, worked incredibly hard to recover our business, and we came out stronger. Throughout we were transparent with customers and they rewarded us with their loyalty.
“With strong net funds we continued our transformation at pace, completing our most ambitious year in a decade of opening new and renewal stores alongside significant advances in supply chain and digital capability.”
M&S warehouse automaton veteran Jonathan Betts also won the Lifetime Achievement Award at the recent Warehouse Transformation Awards.
