There is a glass-half-full story as regards M&S and it appears there’s finally an appetite for it among the beleaguered retailer’s punchdrunk investors.

The shares were markedly ahead (albeit from a very low level) on the back of the full year results, despite the group announcing that pre-tax profits for the year to 31 March limped in at £67.2m, against £84.2m last time, with no dividend in sight. It’s a dismal looking number, the lowest in decades.

But the shares ended yesterday’s trading session up 10.77 per cent, albeit from a very low base. So where were the green shoots investors saw?