Pick of the early market news
Sales at Domino's Pizza were up by 9.8% to £127m in the 13 weeks to 25 September, according to an interim report posted this morning. Like-for-like sales were up by 3.9%. Total online sales rose by 36.4% to £45m, reaching £130m for the year to date.
Chief executive Chris Moore said: "We are pleased to have had a good quarter's trading and, although the economy as a whole is still very tough, we have got exciting plans in place for the rest of the year. We are on track and confident that we will finish the year in line with market expectations."
Global tech giant Smiths Group posted its final results this morning, showing sales up 3% to £2,842m. That took headline operating profit up 5% to £517m. Earnings per share rose 10% to 92.7p and the full year dividend is up 7% to 36.24p. The company also ploughed £99m into R&D, an increase of 5%.
Chief executive Philip Bowman said: "The economic outlook remains uncertain and continued pressures on government spending... are likely to continue to constrain revenue opportunities of some of our businesses during fiscal 2012. However, we still see further potential to drive operational improvements, enhance margins and deliver strong cash conversion."
A pre-close trading update from publisher Future has warned revenues are expected to be down 6% year-on-year. The statement says that "the Board remains comfortable with market expectations of results for 2011". Net debt is expected to be down to £under £14.5m by September.
Optimism that the European debt crisis would be successfully resolved led to the FTSE 100's biggest one-day rise since 10 May 2010 yesterday. The blue-chip index finished 204.68 points higher at 5294.05, a 4% increase that added £53bn to the value of the companies on the exchange.
Not one of the top 100 firms saw its share price drop. The Dow closed up 146.83 points at 11,190.69, although this was down 180 points from the day's high point as the market failed to sustain the momentum of the early rally.