Marks and Spencer share price predicted to hit a 10-year high

SHARES in Marks and Spencer (M&S) are poised to soar to their highest value in a decade, despite the FTSE 100 heavyweight grappling with a significant cyber attack.

- JON ROBINSON

Following the release of the British institution's annual results, market analysts are forecasting that M&S shares will climb to more than 420p each.

The last time the retailer's shares traded at this level was back in December 2015.

Currently, they stand at 366p, having taken a tumble after news of the cyber attack first broke in April.

In May, City AM reported a 6% rise in M&S's revenue to £13.8bn during its most recent financial year.

However, its pre-tax profit took a near 24% hit, dropping to £511.8m over the same timeframe.

M&S also announced plans to hike its annual dividend by 20% to 3.6p per share this year.

The cyber attack is projected to set M&S back by around £300m.