M&S profits hammered after costly cyber attack

MARKS and Spencer's profits have more than halved after it took a hit from a major cyber attack earlier this year that saw online home and fashion sales plunge more than 40% when it was forced to halt website orders.

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The retail giant reported its underlying pretax profits tumbled 55.4% to £184.1m in the six months to September 27. M&S said the hack cost it £324m in lost sales - slightly more than its £300m earlier estimate - but it was able to recover £100m in its first half through an insurance payout.