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M & S’s profits were halted after the cyber attack

M & S's profits were halted after the cyber attack
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Shoppers were unable to buy from Marks and Spencer after being hit by a cyber attack meaning the company lost more than half of its profits.

The boss of the British High Street said that the attack in April was “a rare moment in time” as it revealed a slide of more than 55% in pre-tax profits for the first half of the year, compared to the year before.

As well as disrupting its online business, the hack also affected the company’s stores too, leaving some shelves in the weeks after M&S was targeted.

M&S said it received £100m in insurance money related to countering the cyber attack, around the cost of it.

The fashion and food company was forced to suspend Online Orders for almost two months, with click and collect delivery suspended for almost four months.

Revealing its financial figures for the six months to September, where it made a £184m adjusted profit before tax, M&S said “the underlying strength” of the chain meant it was “getting back on track” and expected full-year profits to be in-line with last year.

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