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The remarkable turnaround in the fortunes of high street giant Marks and Spencer continued yesterday when the group revealed its biggest profits for nine years.

The profit figure of £965.2m posted by M&S represents an increase of 28.5% and is largely due to the growth of the food and fashion departments.

The company plans to plough back a significant proportion of the profits creating around 10,000 jobs as it extends operations in retail parks and out of town developments as well as overseas.

The growth in profits is fully expected to continue with the £1bn target likely to be exceeded in the current financial year.

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