Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FTSE 250 movers: M&S surges on upgrade; Fin services hit by L&G read across
(Sharecast News) - UK food, clothes and homewares retailer Marks & Spencer on Tuesday lifted guidance for half-year profits after strong sales growth in the first 19 weeks of its financial year.
In an unexpected market update, the company said like-for-like food sales grew more than 11% in the period as it "sharpened" prices on over 80 products in its 'Remarksable Value' lines designed to attract customers amid the cost-of-living crisis.
Like-for-like Clothing & Home sales grew more than 6%, with strong growth in stores, and more subdued growth in the online channel.
"Sell through rates have been robust and stock into sale was lower than planned," M&S said in a statement, adding that group operating margin continued to be robust, driven by strong store performance and enhanced by its store rotation and renewal programme.
"There remain considerable uncertainties about the economic outlook, and there is a risk that the consumer market will tighten as the year progresses. Nevertheless, we now expect the outcome for the year to show profit growth on 2022-23, and the interim results to show a significant improvement against previous expectations," M&S said.
House broker Shore Capital Markets said: "Noting ongoing uncertainty, keeping feet on the ground, and a favourable Q1 comparative, we upgrade FY24 profit before tax by 9% to £550m, we would expect consensus to follow."
Financial services shares were down as FTSE 100 heavyweight life insurer and asset manager Legal & General recorded a 10% drop in assets under management in the year to end June, hitting its share price.
Official data on Tuesday showed higher-than-expected wage growth in Britain, boosting the chances of further Bank of England interest rate hikes. AJ Bell and Ninety One both fell on the L&G news
FTSE 250 (MCX) 18,673.84 -0.47%
FTSE 250 - Risers
Marks & Spencer Group (MKS) 219.60p 7.28% BH Macro Ltd. GBP Shares (BHMG) 352.50p 3.83% Bakkavor Group (BAKK) 104.50p 3.47% Hill and Smith (HILS) 1,772.00p 2.78% Auction Technology Group (ATG) 748.00p 1.91% Keller Group (KLR) 829.00p 1.84% Spire Healthcare Group (SPI) 228.00p 1.79% Coats Group (COA) 77.30p 1.71% Bridgepoint Group (Reg S) (BPT) 185.00p 1.43% Aston Martin Lagonda Global Holdings (AML) 339.00p 1.38%
FTSE 250 - Fallers
Wood Group (John) (WG.) 158.70p -2.88% FDM Group (Holdings) (FDM) 578.00p -2.69% Baltic Classifieds Group (BCG) 205.00p -2.61% TUI AG Reg Shs (DI) (TUI) 565.00p -2.59% AJ Bell (AJB) 290.00p -2.49% Ninety One (N91) 168.10p -2.44% QinetiQ Group (QQ.) 306.00p -2.36% GCP Infrastructure Investments Ltd (GCP) 71.50p -2.19% Jlen Environmental Assets Group Limited NPV (JLEN) 98.80p -2.18% Trainline (TRN) 244.40p -2.16%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
