Updated 30 June

Shareholders in Marks & Spencer will eager to find out this week whether it will stick to its prediction of a £300m hit to profits from the spring cyber-attack.

Insurance, cost cuts and an ongoing efficiency drive should reduce that to £200m and analysts are forecasting a drop in underlying pre-tax profit to £653m for the year to March 2026, down from £876m.

Research from NielsenIQ released this month has provided some indication of how the business has been affected by the attack. Over the 12 weeks to 14 June, its data suggests that Marks & Spencer’s Food sales grew by 9.1% year-on-year over the period, down from a 10.8% rate of advance in May and 14.7% in April.

Wood Group

Another deadline has been set for Dubai-based Sidara to declare its bid interest for Aberdeen-based Wood.

Today’s deadline has been extended to 5pm on 28 July.

On 14 April, Wood announced that it had received a holistic non-binding conditional proposal from Sidara, including a possible offer of 35 pence in cash per Wood share, valuing the group at £242m.

The board of Wood said at the time it would be “minded to recommend” such an offer to its shareholders.

Wood is continuing to work with its auditor towards the publication of its audited accounts for the year ended 31 December 2024. These have been delayed following publication of a review of its previous accounts by Deloitte, and trading in Wood shares remain suspended.

On Friday the Financial Conduct Authority announced an inquiry into Wood Group following the Deloitte investigation which was announced in November.

J Sainsbury

Sainsbury’s shares are nudging toward their highest mark in a year, and they are not that far from their five-year, Covid-inspired high either, says AJ Bell.

This suggests that fears of a supermarket price war, spearheaded perhaps by Asda, are yet to be realised, a view supported by the 4.4% year-on-year food price inflation flagged by the Office for National Statistics as part of May’s 3.4% overall year-on-year increase in the headline consumer price index.

Analysts and shareholders will look for any change in the guidance for the year to February 2026 provided in April by chief executive Simon Roberts.

He has pointed to an underlying operating profit from the retail operations of £1 billion – slightly down on last year – with £10 million on top from financial services.

Analysts interpret this to mean a decrease in underlying pre-tax profit to around £700 million, thanks also in part to the sale of the bank, where any proceeds above £250 million will be used to add to the existing £200 million share buyback.

DIARY

Monday 30 June

• UK final Q1 GDP growth figure
• Nationwide UK house price index
• UK mortgage approvals

Tuesday 1 July

• Full-year results from Supreme
• First-half results from Wynnstay and Kitwave
• First quarter figures from Sainsbury’s
• AGM Marks & Spencer
• BRC UK shop price index
• EU inflation

Wednesday 2 July

• Trading statement from Topps Tiles
• EU unemployment

Thursday 3 July

• Full-year results from Watches of Switzerland
• Final US Q1 GDP growth reading

Saturday 5 July

• OPEC+ meeting