Marks & Spencer (M&S) has reported full-year profit-before-tax of more than £1 billion.

The UK operating profit includes a contribution of £28.3 million from the company's "continuing economic interest" in M&S Money.

M&S saw overall sales rise by 5.1 per cent, although general merchandise and food fell slightly by 0.5 and 0.4 per cent respectively.

Sir Stuart Rose, chief executive, said: "Despite tougher economic conditions in the second half, M&S had a good year.

"We have returned £914 million to shareholders through the buy-back of 7.4 per cent of our shares and a 23 per cent increase in our dividend."

M&S has said it will pay out £12.8 million to store teams in recognition of their "hard work in delivering great service".

M&S Money, one of the biggest employers in Cheshire, is one of the many professional and financial services companies with significant operations in the northwest. JP Morgan, the Bank of America and the Bank of New York are among the others.