Marks & Spencer revealed deepening losses in its partnership with Ocado as it closed a warehouse as part of its turnaround strategy.

The high street stalwart said it was in the “early stages of restoring direction and profitability” of the tie-up, which sees Ocado deliver M&S groceries.

The partnership suffered losses of £23.4m in the six months to September, up from a £700,000 loss last year.

The retailer took a £16.9m hit from the closure of Ocado’s Hatfield site, which put 2,000 jobs at risk.

Otherwise, M&S reported strong half-year results, with pre-tax profits increasing by 56.2pc to £325.6m and sales up 10.8pc to £6.2bn.

It announced it is restoring a modest dividend to shareholders, starting with an interim payout of 1p per share.

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