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M&S: No AGM update

Marks & Spencer has taken the unusual move in deciding not to update shareholders at its AGM tomorrow.

The move will mean shareholders will receive no information on first quarter trading: something the chain has provided for years, but is not legally required to do.

It is understood that Archie Norman, Marks & Spencer chairman wants to take a longer-term view of his plans to turnaround the fortunes of the chain, rather than divert attention to quarterly updates.

The company will still provide an update on its third quarter, which covers the Christmas trading period, along with its half-year and full-year results.