High Street retailer Marks & Spencer has fended off a potential revolt over claims of fat cat pay yet still found itself under pressure from investors.

M&S shares went into reverse as further signs of healthy trading were shunned by a market keen to take profits following the stock's recent strong run.

Updating investors on progress in the 15 weeks to July 12, M&S said like-forlike sales grew 3.8 per cent on a year earlier, with clothing showing a revival after a tough start to the calendar year.

The figures came ahead of yesterday's annual meeting in London.

Expectations had been high of another shareholder rebuke to a UK plc, yet the vote on M&S's remuneration report was comfortably passed.

Investor voting group Pensions and Investments Research Consultants (PIRC) voiced concern prior to the meeting M&S executives would receive share options as bonuses regardless of performance.

The group also objected to a £1.1 million "golden hello" for former Selfridges boss Vittorio Radice after he joined M&S to head its expansion in homewares.

In the end, just eight per cent of the votes went against the report, with 91 per cent backing the proposal. No figures were given for voter abstentions.

Chairman Luc Vandevelde, promoted from chief executive for turning around M&S fortunes, defended pay policies.

He said: "The business has performed well over the past year. Our success is dependent on attracting and retaining high calibre individuals."