Marks & Spencer reported profit ahead of expectations for the first half of fiscal 2025, but warned that the uncertain consumer backdrop is expected to remain in the rest of the year.

British retailer Marks & Spencer forecast "further progress" in the balance of the year after reporting a better-than-expected 17.2% rise in first-half profit, helped by market share gains, adding to evidence its latest turnaround plan is working.

Marks & Spencer has notched up a better-than-expected jump in half-year profits thanks to buoyant food and clothing trading, but cautioned over an “uncertain” consumer backdrop and rising costs.

The retailer reported underlying pre-tax profits up 17.2% to £407.8 million for the six months to September 28.