The chairman of Marks & Spencer has played down its first exit from the FTSE 100 since the blue-chip index was created 35 years ago.
Shares in the 135-year-old retailer fell 1.5 per cent yesterday, valuing it at £3.64 billion. This makes M&S only the 115th most valuable London-listed company and means it will be demoted from the FTSE 100.
However, Archie Norman, M&S’s chairman, told The Times: “Our eyes are on the goal, not the scoreboard. I have said from the outset we are here to regenerate a profitable growing business for five years’ time.”
The chairman of Marks & Spencer has played down its first exit from the FTSE 100 since the blue-chip index was created 35 years ago.
Shares in the 135-year-old retailer fell 1.5 per cent yesterday, valuing it at £3.64 billion. This makes M&S only the 115th most valuable London-listed company and means it will be demoted from the FTSE 100.
However, Archie Norman, M&S’s chairman, told The Times: “Our eyes are on the goal, not the scoreboard. I have said from the outset we are here to regenerate a profitable growing business for five years’ time.”
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