The board of Marks & Spencer was gathering at the company's Paddington headquarters today to finalise a cut in the dividend sure to disappoint its legion of small shareholders.
Analysts say M&S has little choice but to slash the payout, perhaps by half, after six quarters of falling sales.
The result will be unveiled tomorrow when M&S reports year-end profits of around £620 million. Executive chairman Sir Stuart Rose is expected to offer an upbeat assessment of recent trading, perhaps claiming that an economic turnaround has begun.
Rose is due to step down next year, and the board is working on finding a successor.
M&S is reportedly looking at moving into the banking industry, following rival Tesco.