M&S recovers + Weir, Wetherspoon, Barratt Redrow – Daily Business

M&S fashion gained market share a in a declining market

Marks & Spencer posted an adjusted half-year profit of £403.2 million from £184.1m for the same period last year when it was hit by a serious cyber-attack.

Food sales rose 13.9%, above forecast, while fashion, home & beauty sales were up 17.5%.

The result was lower than the £413.1m in 2024/25, reflecting the higher phasing of cost growth in the first half of the year and lower fashion, home & beauty profitability.

The food business is ahead, delivering double-digit volume growth in a flat market and M&S has
momentum as the UK’s fastest growing grocer. In fashion, gome & beaut bounced back from last year, gaining share in a declining market.

The board declared a 16.7% rise in the interim dividend to 1.4p. It said it enters the second half focused on executing its growth strategy.

Over the medium term, M&S’ s ambition is to generate mid-to-high single-digit revenue growth and higher growth in profit and earnings per share.

Chief executive Stuart Machin said: “We hit the ground running in the first half of the year, accelerating the pace of change and delivering market share growth in both businesses.

“Our hard work over the last few years to create a strong balance sheet has built a firm financial footing from which to invest and we are confident in the opportunities ahead.

“Despite the onslaught of cost headwinds , we have remained focused on our ambitions, and we are clear on our plan.”

Weir Group

Mining technology group Weir has reported an 8% rise in Q3 orders up 8% year‑on‑year to £687m.

Management of the Glasgow-headquartered group said it remains on track to deliver in line with current market expectations

Andrew Neilson, chief executive, said: “Our performance in the third quarter reflects good underlying momentum in our core mining markets, with customers looking to maximise production in a supportive commodity environment. In my first three months as CEO, I am encouraged by our customers’ appetite to expand their partnerships with Weir across their operations to deliver the growth in production and efficiency improvements they need.   

“As we look to the remainder of the year, mindful of specific geopolitical events which are adding shorter-term headwinds for the sector as a whole, our current pipeline and orderbook reflects a high level of underlying demand for our products.

“Our focus is now on delivering our large aftermarket backlog in Q4 and we remain on track to deliver in line with current market expectations for 2026.

“Looking further ahead, I am excited about the opportunity Weir has into the medium and long term. As a mining technology leader, we are well positioned to continue to drive strong growth and deliver further operational efficiencies, generating value for all our stakeholders.

“Underpinned by a multi-decade market opportunity driven by demand for critical metals and our resilient business model, our strong cash generation and balance sheet position us to deliver compounding growth in total shareholder returns.”

Wetherspoon

The pubs chain reported an 8.2% rise in like-for-like sales in the first 14 weeks of the financial year. Total sales have grown by 9.1% in the year to date.

Chairman Tim Martin said: “The company has had a good start to the financial year. There are still three quarters to go and profit forecasts are very dependent on the level of sales growth.

“We are comfortable with current market expectations, once adjusted for the 53-week period. We will provide further updates as the financial year progresses.”

Barratt Redrow

Ahead of its AGM, the housebuilder said total home completions, including JVs, in the 17-week period from 29 June to 25 October were 3,223, 12.1% below the comparable period total of 3,665 homes.

At 25 October, the forward order book, including JVs, totalled 11,086 homes (26 October 2025: 10,669 homes) at a value of £3,315.4m (26 October 2025: £3,281.4m).

Meanwhile, the group was 56% forward sold with respect to FY27 private home completions (26 October 2025).

For the current year guidance remains unchanged.

Dean Banks, chief executive commented: “Our trading performance in the first 17 weeks of the financial year has been resilient against a backdrop of challenging market conditions, with continued pressure on affordability. While the underlying private reservation rate has been softer, we have seen stronger demand from the private rental sector.

“Over the past two months, I have been working closely with colleagues, customers and suppliers to understand our strengths and our opportunities. I have seen first-hand the quality of our people, their commitment to excellence and the passion they bring every day. There is much to build on, and I look forward to sharing more in due course.

“We welcome the Government’s ‘Your First Home’ scheme and its support for first-time buyers. Alongside planning reform, the scheme has the potential, over time, to support increased housing delivery.”

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