Material Cyber LossA GBP 300m hit from a cyber incident is a material operational shock that can have lasting effects: remediation costs, higher insurance premiums, potential customer trust erosion and ongoing security investment requirements, all of which can depress profitability and require sustained capex.
Fashion & Home WeaknessA 16.4% decline in Fashion, Home and Beauty reflects structural competitiveness and execution issues (paused online ops, supply disruptions). Prolonged weakness in higher-margin apparel risks pressuring group margins and highlights the need for durable product, sourcing and online execution fixes.
Reliance On Ocado For GrowthGroup growth driven predominantly by the Ocado consolidation while core M&S sales were flat indicates reliance on external consolidation for topline expansion. That dependence raises execution and integration risk and suggests weaker organic growth momentum in the UK business.