Latest news with #operatingprofits
Daily Mail
21-05-2025
- Business
- Daily Mail
M&S expects £300m profit impact as cyberattack disrupts operations until July
Marks & Spencer has warned that a 'major cyber incident' will cause a £300 million reduction in operating profits this year. The retailer confirmed that the disruption began over the Easter weekend and continues to impact multiple areas of its business. Online sales for fashion, home, and beauty have been 'heavily impacted', according to the company's financial update. The scale of the breach prompted a pause in website orders and led to visible effects in physical stores, including widespread stock issues. 'It has been challenging, but it is a moment in time,' said Chief Executive Stuart Machin, who expressed confidence in the company's recovery. As a direct result of the breach, customers encountered empty shelves and halted online services throughout late April and May. Some stores, including major locations like Paddington and Cambridge, experienced temporary stock shortages. While food availability was also disrupted, M&S stated this area is 'already improving' as systems are restored. In-store operations were affected as the company overhauled internal IT infrastructure. M&S clarified that 'payments and click and collect orders were also impacted,' but reassured customers that improvements are now underway. One of the more serious aspects of the breach involved the theft of personal customer data. M&S confirmed that hackers accessed information which may include names, email addresses, postal addresses, and dates of birth. While no financial data exposure was reported, the company acknowledged the seriousness of the breach. 'We are now focused on recovery,' said Machin, adding that safeguarding customer trust remains a top priority. Security and legal teams are continuing to assess the extent of the breach and guide mitigation strategies. UK authorities believe a known group of English-speaking teenage hackers may be behind the M&S incident. 'We are looking at the group that is publicly known as Scattered Spider,' said Paul Foster of the National Crime Agency. The agency is coordinating with cybersecurity partners to trace the source of the attack and prevent further incidents. According to the BBC, the same group has also targeted other UK retailers like Co-Op and Harrods. Google confirmed that attacks believed to be by this group are also occurring in the U.S., adding urgency to global defensive efforts. Despite the financial hit and customer inconvenience, M&S leadership is positioning the breach as a moment of transformation. There is no change to the company's growth strategy, and the event may even help speed up its execution. 'The incident allows us to accelerate the pace of change as we draw a line and move on,' said Machin. M&S emphasized that insurance and internal cost management will help offset some of the financial losses. Shares, which had recently reached a nine-year high, fell after the incident, but executives remain focused on long-term stability.
Daily Mail
21-05-2025
- Business
- Daily Mail
BREAKING NEWS Marks and Spencer say cyber attack will cost them £300MILLION and disrupt customers until July as NCA investigators say they are looking at British hackers Scattered Spider
Marks and Spencer has said disruption from a major cyber attack is expected to continue through to July and reduce operating profits by around £300million before action to offset the hit. The company unveiled its financial performance for the past year in an update to the stock market this morning after the damaging cyber attack halted all online orders. It is almost a month since the retailer was first impacted by a major 'cyber incident', with the National Crime Agency looking at links to hacking group Scattered Spider. The British retail giant has paused online orders for the past three weeks as a result of the attack, while payments and click and collect orders were also impacted. M&S saw availability in stores also knocked by the disruption, causing some empty shelves as it changed parts of its IT systems, but has said this is now recovering. Customer personal data, which could have included names, email addresses, postal addresses and dates of birth, was taken by hackers in the attack. Analysts at Barclays had previously suggested the attack could result in a £200million cost for the 2025/26 financial year but this was likely to be offset by an insurance payout of around £100million. The attack knocked the business after a positive period under the leadership of Stuart Machin, with shares striking an almost nine-year high last month before a recent fall. More to follow
Irish Times
15-05-2025
- Business
- Irish Times
Aviva Stadium operator sees profits rise
The company that operates the Aviva Stadium last year recorded operating profits of €7.03 million. New accounts filed by New Stadium DAC - jointly owned by the IRFU and the FAI - show that the operating–profits of €7.03 million last year were up 6 per cent on the operating profits of €6.58 million in 2023. Around 150,000 Taylor Swift fans packed into the Aviva across three sold out nights on June 28th, 29th and 30th last year as part of the mega-star's European leg of her $2 billion ERAS tour. Earlier in June of last year, Pink sold out two nights at the Aviva and according to figures from trade industry journal, Pollstar the two gigs generated a combined box office of $13.4 million after 101,388 fans paid to attend. READ MORE Last August, revenues for the Aviva Stadium firm were boosted by the American college football game featuring Georgia Tech and Florida State University. Next month, concerts by Dua Lipa and Lana Del Rey will add to the revenues of New Stadium DAC. The new accounts show that operating profits were up as the stadium generated €9.2 million in licence fees from the IRFU and the FAI during 2024 and this was a 15 per cent increase on the €8 million paid out in licence income by the two shareholders in 2023. There was €1.3 million due from shareholders at the end of December last. The sporting entities pay the fees to New Stadium DAC for matches staged at the Aviva which also generates income from catering contracts while a sizeable chunk of the company's revenues would come from naming rights for the stadium. In 2010, Aviva bought the naming rights for a reported €40 million over 10 years - or €4 million a year - and extended the deal in 2018 to 2025. The deal agreed in 2018 came into effect in 2020 and a note attached to the New Stadium accounts states that the company's share of its naming rights income is released to the profit and loss account each year. Last year, New Stadium Ltd again paid out no dividend to its shareholders. The stadium company recorded a pre-tax loss of pretax €2.33 million which was down on the the pretax loss of €3.15 million for 2022. The pretax loss last year takes account of hefty non-cash depreciation costs of €9.36 million. The company pays the IRFU €750,000 each year for the rent of the stadium land. The number of employees employed by the stadium firm remained at 18 while staff costs also remained static at €1.8 million.
Yahoo
08-05-2025
- Automotive
- Yahoo
Toyota warns profits set to fall 21% as Trump tariffs take their toll
Toyota has warned operating profits will fall 21 per cent this fiscal year due to the fallout from Donald Trump's trade war, increasing the Upgrade to read this Financial Times article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
