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The company appears to have struggled during 2020-2021, potentially due to external challenges (such as global events like the pandemic). However, in 2022 and 2023, the metrics suggest a recovery, especially in operating profitability and capital efficiency, which is a positive signal for future performance. As shown above the next plc is going crazy in the difference between marks and spencer. for example the ROCE for next plc is 30 and some of them is above it but the other company is under 10 furthermore in 2021 is under the (0) for marks and spencer which brings a lost for the company in the long term for finance.

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The chart overall indicates that the company has improved its efficiency over the years, with debtor days and inventory days showing positive trends after a dip in 2019-2020. Meanwhile, cash conversion cycle is high for Next is high which is looked at as quite high with days over 100. And creditors day reflects more stable but lower movements in another aspect of operational efficiency.

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The company appears to have maintained a solid liquidity position throughout the period, particularly in 2023 and 2022, where the ratios are strongest. The Current Ratio being around 2.0 in recent years indicates strong liquidity and working capital management, while the Quick Ratio around 0.5 suggests that while liquidity is healthy, some reliance on inventory exists. However, this is not alarming, as the company still maintains sufficient liquidity overall.

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M&S had a consistent gearing ratio which was 100 in 2019 and then increased slightly to 125 in 2020 and then to below 200 in 2021.It then fell back down to about 150 in 2022 and then fell to 140 in 2023.For Next their gearing ratio was roughly 300 in 2019 and then increased to 580 in 2020.It then fell back down to 380 in 2021 and then 210 in 2022 and 170 in 2023.This rise in gearing ratio in the year 2020 for both companies could be the result of the COVID 19 Pandemic which led to the companies needing to take out loans to continue their operations and survive huge the fall in cash flow. Next also had a higher interest cover then M&S which could also affect them in the Longterm. This could therefore lead to the companies spending more in the future on their loan repayments