By Marcus Leach

Despite a continued gloomy outlook in the retail sector and continued low consumer confidence Marks & Spencer have reported a 12.9% rise in annual pre-tax profits.

With margins up in both food and clothing pre-tax profits were £714.3 million, with a 4.2% rise in revenues.

New chief executive Marc Bolland, who took over the coveted position last year, said it had been a 'good year' for Marks & Spencer.

Despite the rise in profits Bolland remained cautious for the year ahead due to the pressures on consumer spending.