Marks & Spencer's chief executive's pay packet rose to just shy of £7million before the devastating cyber attack plunged the retail giant into chaos.

Stuart Machin's total yearly pay jumped significantly from the previous year's £5million total, which the BBC reports is largely down to share awards from reaching performance targets including profit growth.

The figure though relates to the period before the recent cyber attack - which M&S revealed is expected to cost the firm £300million, although this will be mitigated by insurance.

Issues with online orders though are likely to persist into July.

The BBC reports the retailer's remuneration committee said it had considered the "recent cyber incident" when deciding on performance-related pay but had decided "no adjustments were needed".

However, it said it "recognised it would need to re-visit the matter" when deciding on next year's compensation.

M&S' annual report revealed Mr Machin got a relatively modest increase in his basic salary to £843,000 in the year to March. Meanwhile his bonus grew by £100,000 to £1.6million and he also received a pension contribution.

The amount he gained from share awards rose dramatically from £2.6million to £4.5million.

FTSE 100

The UK's flagship share index, the FTSE 100, was up 10 points at 8,797 shortly after opening this morning.

Brent crude oil futures were down 0.46% at $64.75 a barrel.

Companies reporting today

British American Tobacco* - Trading Statement

Chemring Group - Half Year Results

Pennon* - Full Year Results

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