THE DAILY BRIEFING

JOBS AXED

Lloyds is axing 1,230 jobs as part of a drive to reduce its branch network.

The losses are part of a tranche of 9,000 cuts first announced two years ago because of the trend toward banking online. Shares fell 1.1pc, or 0.61p to 53.03p.

SHARES PLUNGE

Shares in Ericsson plunged when the Swedish telecoms company warned profits would be ‘significantly lower’ than expected.

Shares dived 16.6pc after sales in the third quarter dropped 14pc to £4.7bn amid weaker demand for mobile broadband. The firm blamed disappointing sales on weak economies in Brazil, Russia and the Middle East.

BOWLING BOOST

Hollywood Bowl reported a rise in revenues in its first trading update since its £240m flotation last month.

The UK’s largest ten-pin bowling operator said revenues were up 6.4pc in the year to September 30, driven by a food and drink revamp and more cash spent in its amusement areas.

It said the acquisition of Bowlplex was successful, with revenues at the new sites up 22pc on last year. Shares – which listed at 160p – were up 1.2pc, or 2p at 170.75p.

PUB CHEER

Pub group Marston’s toasted rising sales of its own beers after a year of ‘solid progress’.

The group opened six lodges and 22 new pubs and bars in the year ending October 1, and said it would launch at least the same amount next year.

Sales of its own-brand beers – which include Resolution and Burton Bitter – grew 13pc. Shares fell 2.4pc, or 3.39p to 139.21p.

REVENUES RISE

The popularity of preventative care for family pets has driven revenues at Premier Veterinary Group.

The UK-based company said the number of pets on its premier care plan grew to 139,000 in the three months to September, up 10,000 from June. Shares fell 5.3pc, or 7.5p to 135p.

LONDON MARKET

Time Out, the publisher best known for its magazines, is setting up its first food and drinks market in London.

The 19,250 sq ft space in Commercial Street will house restaurants, bars, shops, an art gallery and a cooking show. It is set to open during the second half of next year. Shares were up 1.4pc, or 2p at 141p.

EURO GROWTH

Industrial production in the eurozone returned to growth in August, new figures show.

Factory output was 1.6pc up on July, following a 0.7pc drop. Production rose 3.1pc in Germany and was 2pc higher in France.

HOTEL EXPANDS

Travelodge is set to hire 1,000 staff as it opens six more UK hotels with 50 new jobs at its Oxfordshire headquarters.