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However, a faster than expected decline in the business's direct marketing sales of CDs, DVDs and books has continued to make trading difficult.
A faster than expected downturn in print advertising and slower increase in digital revenues, combined with the costs of international expansion, means that the company's outgoings have outpaced revenues over the past five years.
Britain's economy grew by a faster than expected 0.6% in the second quarter as businesses appeared to shrug off Brexit jitters in the runup to the 23 June referendum.
A faster than expected reduction in corporation tax – two percentage points rather than one – by April will take the rate from 28% to 23% in the next four years.
Privately, however, it presented two alternative risk scenarios – one in which a faster than expected recovery leads to central banks unwinding their colossal monetary stimulus too quickly, and another in which growth continues to disappoint, leading to rising debt levels for both public and private sectors.
Output grew by a faster than expected 4.8%, up from 1.9% in the previous quarter.In a belated bow to the late 20th century, Microsoft, Intel and SBC Communications are to be admitted to the venerable Dow Jones Industrial Average, which contains only 30 shares.
Similar(48)
Wall Street was also shaken in the early going when the government's gross domestic product report showed that the economy fell at a 6.2percentt annual pace at the end of last year, a much faster than expected pace.
"There is a lot of interest causing things to move a lot faster than expected.
"The recovery in health care equipment has come a lot faster than expected," Mr. Davis said.
"The oil is coming on a lot faster than expected," said Francis Osborne, head of energy economics for the consulting firm KBC.
If everybody thinks growth will be slow, a little faster than expected growth will ignite equity prices.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com