Why was the decision taken to not pay a dividend again for this financial year? Shareholders should receive more perks if we are not benefitting from a dividend.

This was covered live and can be found in the AGM broadcast recording at 27:20

Our end goal is to transform and return M&S to sustainable profitable growth and ensure every decision and action we make is geared towards us achieving that. We are prioritising reinvesting back into the business this year so that we deliver long term value for shareholders. We are focused on upgrading technology systems, supply chains and addressing legacy store estate as key three areas, and then ensuring we have a robust balance sheet working towards metrics consistent with investment grade. The dividend will continue to remain under consideration in this context.