Marks & Spencer says worst of recession is over

Marks & Spencer chairman Sir Stuart Rose declared today that the UK has come through the deepest ravages of the economic turmoil. Speaking after M&S posted profits of £632.5m for the last financial year, Rose said he was not worried about the UK falling into a double-dip recession. "Marks & Spencer has had a good year," said Rose, who handed over the running of M&S to new chief executive Marc Bolland at the start of May . "With the worst effects of the recession behind us, strong foundations in place, and our core values intact, I am confident that M&S is well set for growth under Marc's direction," Rose added. At £632.5m, M&S's adjusted pre-tax profits for the 12 months to 27 March were 4.6% higher than a year ago but well below the £1bn profits achieved in 2008. Rose described current trading as "satisfactory", but warned that next month's emergency budget could deter consumers from venturing on to the high street. "Consumers are naturally concerned about any impact of the budget on 22 June. We therefore remain cautious about the outlook for the year ahead." M&S's staff will share an £81m bonus pot after the company achieved its financial targets for the year. This is M&S's second-highest payout on record. It is not yet clear how it will be allocated between shop floor workers and senior management.