Unilever has reported worse than expected underlying quarterly sales, but improving profit margins drove the consumer giant's shares to the top of the FTSE 100 on Thursday morning.

The maker of Dove soap and Hellmann's condiments reported a 3.9 per cent rise in second-quarter underlying sales, lower than the 4.2 per cent increase predicted.

ITV earnings soared 40 per cent to £213million in the first half, as revenues ticked 3 per cent higher to £1.9billion thanks to an advertising boost from Euro 2024.

The broadcaster enjoyed a 10 per cent jump in total advertising revenue in the six months ending June, ahead of expectations, driven by a 17 per cent increase in digital advertising revenue.

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Shoppers have returned to Waitrose as troubled Asda continues to haemorrhage customers.

In a closely watched update on the state of supermarket sector, research firm NIQ said Waitrose sales were up 3.6pc in the 12 weeks to July 13 compared to the same period a year earlier.

Whisper it quietly, but the outlook for the UK economy is looking rosy.

Business confidence is up, with companies reporting the fastest manufacturing growth in two years and the strongest inflow of new orders since April last year.

Zoe Gillespie, senior investment manager at RBC Brewin Dolphin:

'Although profits have fallen, Lloyds’ results are broadly in line with expectations. The bank’s net interest margin was always going to come under pressure from peaking interest rates and competition, so today’s reduction comes as little surprise.

'The indications from European banks’ results were that the sector, as a whole, should be in relatively rude health and Lloyds is very much a continuation of that story.

'All things being equal, the bank is on track to deliver its guidance for the year and longer term strategic aims – but the question remains what the next big move will be, following the sale of its Scottish Widows in-force bulk annuity portfolio.'

Unilever has reported worse than expected underlying quarterly sales after the consumer giant was unable to win back shoppers it had alienated in recent years with higher prices.

The maker of Dove soap and Hellmann's condiments reported a 3.9 per cent rise in second-quarter underlying sales, missing an average analyst forecast of a 4.2 per cent increase in a company-compiled consensus.

Underlying price growth for the quarter was 1 per cent, behind market expectations, but underlying volume sales growth ran ahead of estimates at 2.9 per cent.

'There is much to do, but we remain focused on transforming Unilever into a consistently higher performing business,' CEO Hein Schumacher said in a statement.

Research analyst at Shore Cap Gary Greenwood:

'Lloyds’ Q2 results show a 7 per cnet PBT beat on lower-than-expected impairment where guidance has also been upgraded.

'That said, we think the market may be disappointed by the lack of a net interest margin beat and upgrade given higher for longer interest rates, while noting that TNAV per share disappointed due to an upward shift in long-term interest rates impacting negatively on the cash flow hedge reserve.

'Following a strong run, the shares are now trading close to our 62p fair value.

'Consensus earnings may nudge up a touch, but the market may be disappointed that there isn’t a bigger upgrade given the recent strong run in the shares.'

ITV enjoyed a 10 per cent jump in total advertising revenue in the first half, ahead of expectations, with Euro 2024 and Love Island proving particularly lucrative for the broadcaster.

Chief Executive Carolyn McCall said the performance of ITV's digital advertising business continued to improve in the six months to 30 June and the group saw a 17 per cent increase in digital advertising revenue which contributed to the double digit increase in total advertising revenue.

'This was driven by strong viewing across our broadcast channels and (streaming platform) ITVX, with a very successful Euros, a year-on year-increase in viewing of Love Island and a slate of great dramas,' she said.

McCall said ITV was confident of delivering increased adjusted earnings before interest, tax and amortisation (EBITA) in the full year, following a year of peak net investment in 2023, and was on track to deliver its 2026 key performance targets.

Lloyds Banking Group has upped its interim dividend by 15 per cent after a 14 per cent slump in pre-tax profit to £3.3billion beat forecasts, as its lending margins held firm in the face of mounting competition.

Analysts had expected the lender to report statutory pre-tax profit of £3.2billion pounds for the six months to end-June.

Britain's biggest lender of home loans reported a 2.94 per cent net interest margin for the first half of its financial year, a key profit metric that measures the gap between what the bank pays savers and charges borrowers, matching forecasts.

It pledged to pay an interim ordinary dividend of 1.06p per share, up 15 per cent on the prior year and equivalent to £662million.

Lloyds made no further provision against the regulatory probe into overcharging by motor finance lenders, for which the bank has already set aside £450million to cover possible redress.