Cybersecurity Operational RiskA material cyber incident that cut operating profit by roughly GBP 300m exposes a structural operational vulnerability. Even with partial insurance, such events raise ongoing remediation and defense costs, impair customer trust, and create recurring risk to operations and profitability until systems and protocols are demonstrably hardened.
Fashion/Home WeaknessA 16.4% decline in Fashion, Home and Beauty highlights structural competitiveness and execution shortcomings. Reliance on physical footfall and fragile supply chains makes these categories volatile; sustained recovery requires product repositioning, online capability restoration and supply chain modernization to protect margins long-term.
Earnings VolatilityAn approximate 96% drop in EPS signals significant earnings volatility and margin pressure, reducing predictability of cash returns. Such collapse can constrain reinvestment, raise cost of capital and limit dividend capacity; sustained recovery depends on restoring margins and insulating profits from one-off shocks.