Marks & Spencer shares jumped to a 19-month high after it revealed turnaround efforts across clothing and homeware were paying off. 

The retail giant said it expects to post increased profits this year, having previously forecast a decline. 

It said its interim results would be a “significant improvement against previous expectations”.

The upgrade comes after M&S recorded strong growth in clothing and homeware sales in the first 19 weeks of its financial year, as it discounted fewer items than expected. 

Like-for-like clothing and home sales were up by more than 6pc, while like-for-like food sales rose by 11pc. 

M&S shares rallied after the trading update, as they increased by almost 7pc to hit their highest level since January 2022. 

The surge in value is proof investors are putting faith in the company’s revival plan, which is being spearheaded by co-chief executive Stuart Machin. 

Mr Machin and Katie Bickerstaffe were brought in as joint chief executives in May last year.

Since then, the business has been on a major push to reverse M&S’s ailing clothing and homeware divisions and make them as strong as its food offering.