The pizza chain saw underlying profit before tax fall from £107m to £91m, while total orders declined 0.9% in the year to December 2025

Domino’s Pizza has experienced a 15 per cent profit decline as it grappled with lacklustre sales and a “challenging consumer backdrop”.

Whilst overall turnover at the FTSE 250-listed pizza operator rose 1.5 per cent to £1.6bn, the like-for-like figure – excluding variables such as VAT – crept up by just 0.2 per cent in the year to December 2025.

Analysts had sounded warnings that the chain’s new “Chick ‘N’ Dip” range would detract from its core offering, but the company maintains 80 per cent of orders for the new range featured a pizza.

The group’s share price rallied on Tuesday’s market open despite the fall in profits, climbing 3.8 per cent to 193p, taking shares up more than 11 per cent in the year to date.

Domino’s is presently headed by both an interim chief executive and an interim finance director, following the sudden exit of former boss Andrew Rennie in November after merely two years at the helm, as reported by City AM.

Underlying profit before tax tumbled from £107m to £91m, whilst revenue grew by only 3.1 per cent to £685m.

Domino’s launched 31 new outlets in 2025, which was marginally ahead of forecasts, but witnessed total orders drop by 0.9 per cent.

The new launches take the group’s total franchise to 1,399 outlets in the UK and Ireland.

The pizza operator was the UK’s most-shorted business in October last year, as investors such as Blackrock and Citadel wagered that the group would suffer from escalating labour costs and weak consumer confidence. Although the intense speculation surrounding the company has subsided, leaving it as the twelfth-most shorted firm, shares have fallen 34 per cent in the past year.

Dan Lane, analyst at Robinhood, stated that the group will be banking on its new “Chick ‘N’ Dip” menu as it eyes greener pastures in the realm of fried chicken giants KFC and Popeyes.

He said: “We might not be at “peak pizza” but the company will certainly have to find a way to turn innovation into profit growth if it wants to give up its place as one of the most shorted stocks on the UK market.”

Interim chief executive Nicola Frampton stood by the new offerings, stating: “We are excited about a number of strategic and operational initiatives to drive sustainable growth, including the successful system-wide launch of Chick ‘N’ Dip.”

The fried chicken range, which Domino’s outgoing chief executive had labelled as a “bold new chapter,” will be followed up by a “pipeline” of new products, Frampton confirmed.

Foreign tourists in Thailand are monitoring the Thai baht’s decline against the US dollar, which impacts their spending. A weaker baht enhances their purchasing power amidst global economic uncertainty.

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Key Points

• Foreign tourists are monitoring the Thai Baht’s depreciation against the US Dollar, which opened at 31.77 per dollar, down from 31.60. Analysts expect the currency to fluctuate between 31.55 and 31.95 as global economic conditions evolve.
• The weaker baht benefits tourists, enhancing their purchasing power for hotels, food, and entertainment. Analysts attribute the baht’s decline to a strengthening US dollar fueled by rising Treasury yields and robust US economic data.
• Market observers anticipate upcoming US labor market figures could impact interest rate expectations and the dollar’s value, while ongoing geopolitical tensions contribute to currency volatility, prompting continued attention from Pattaya visitors.

Currency Movements and Tourists’ Spending Power

Foreign tourists in Thailand are closely monitoring the recent weakening of the Thai baht against the US dollar, a trend fueled by global financial uncertainties. As the baht opened at 31.77 per dollar, down from 31.60, many visitors are keenly aware of how this affects their purchasing power in areas like hotels, restaurants, and nightlife. Analysts predict the baht will fluctuate between 31.55 and 31.95 in the coming days, influenced by ongoing economic data and geopolitical situations. A weaker baht generally translates to greater spending power for tourists, especially from regions like Europe and North America.

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Implications of Economic Trends

The challenges facing the baht can be attributed to a stronger US dollar, bolstered by factors such as increasing US Treasury yields and robust economic indicators. Investors are adjusting their expectations regarding the Federal Reserve’s interest rate decisions, which enhances the dollar’s position.

Additionally, falling gold prices and heightened global uncertainties linked to geopolitical tensions are pressuring regional currencies, including the baht. Despite this depreciation, market analysts anticipate that the baht’s decline may be gradual, with traders actively engaging when it nears key resistance levels of 31.85 and a psychological mark of 32.00 per dollar.

Effects on Tourism in Thailand

For Thailand’s vibrant tourism sector, currency fluctuations hold significant importance. A slight depreciation of the baht can stimulate spending among tourists, resulting in greater engagement with local services and attractions. As they navigate uncertainty in global markets, visitors from various backgrounds will likely remain vigilant about the baht’s movements against the dollar.

Other People are Reading

Fifty government-funded mobile mast upgrades have now been activated across Wales as part of the UK’s Shared Rural Network (SRN) programme, marking a significant milestone in efforts to improve digital connectivity in some of the country’s most remote communities.

The newly upgraded masts form part of a wider national rollout designed to expand reliable 4G coverage to rural areas that have historically struggled with weak or inconsistent mobile signals. Across the UK, a total of 119 masts funded through the initiative are now live, helping to extend coverage to towns, villages, national parks and major road routes that previously experienced patchy service.

The latest upgrades have been delivered by enhancing existing infrastructure rather than constructing entirely new sites, allowing communities to benefit from stronger mobile coverage while limiting the environmental and planning challenges associated with building additional towers. As a result, residents, visitors and businesses across rural Wales can now access more reliable connectivity without significant changes to the surrounding landscape.

Communities benefiting from the latest phase of the rollout include Ysbyty Ifan, Pentrefoelas, Capel Celyn, Painscastle, Hay-on-Wye, Llanigon, Tregoyd, Doly-y-Gaer, Clwydyfagwyr, Pontsticill, Torpantau, Llanddewi, Dolau, Llandegley, Crossgates and Abbeycwmhir. The improvements also extend into key tourism areas including Eryri National Park and Bannau Brycheiniog National Park, both of which attract millions of visitors each year.

In addition to strengthening coverage in rural settlements, the upgrades provide full 4G access from all four of the UK’s major mobile network operators, EE, Three UK, Virgin Media O2, and Vodafone, across more than 3,400 kilometres of Welsh roads. For many drivers travelling through rural areas, this means improved navigation, communication and access to emergency services in places where signals were previously unreliable.

The Shared Rural Network was first announced in 2020 as a partnership between the UK government and the country’s mobile operators to close the digital divide between urban centres and rural communities. The programme combines £184 million in public funding with more than £500 million of private sector investment from mobile network providers to expand nationwide coverage.

Since the initiative began, 4G coverage from all four operators has expanded significantly, rising from around 66 per cent of the UK’s landmass to approximately 81 per cent. According to programme operator Mova, the expansion represents an area roughly equivalent to the combined size of Wales and Northern Ireland.

Ben Roome, chief executive of Mova, said the Welsh milestone demonstrates the power of collaboration between government and industry in addressing longstanding connectivity gaps.

“Upgrading 50 EAS masts in Wales shows the strength of a shared, neutral programme,” he said. “Every site benefits every operator, every community and every mobile user. Together they represent practical steps toward fairer, more resilient connectivity across rural Wales.”

Improved connectivity is expected to deliver a range of economic and social benefits, particularly for rural businesses and tourism operators that increasingly rely on mobile access for digital services. Reliable 4G coverage can support online bookings for hospitality businesses, enable farmers and rural enterprises to use cloud-based tools, and allow residents to access services such as banking, healthcare and education platforms more easily.

The milestone has also been welcomed by the UK government. Jo Stevens said that improving mobile coverage is an essential part of supporting economic growth and opportunity across rural communities.

“Access to fast and reliable mobile coverage is increasingly important for residents, businesses and community organisations in rural communities all over Wales,” she said. “Hitting this milestone is an important step in our mission to grow the Welsh economy, supporting businesses to succeed and creating opportunities in every corner of Wales.”

Nationwide, the Shared Rural Network programme has already delivered improved connectivity to an additional 280,000 premises and more than 16,000 kilometres of roads. The upgrades focus largely on so-called Extended Area Service masts, which were originally designed to provide coverage from a single operator but are now being modernised so that customers from all networks can benefit.

Further upgrades are planned as the programme continues over the coming years, with the goal of ensuring that even the UK’s most remote communities can access reliable mobile connectivity. For many parts of rural Wales, the activation of these latest sites represents a meaningful improvement in everyday digital access, helping to ensure that residents and businesses are no longer left behind in an increasingly connected economy.

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Shares of fertiliser companies such as Fertiliser and Chemical Travencore (FACT), Chambal Fertiliser, Rashtriya Chemical Fertiliser (RCF), National Fertilisers, among others, rallied up to 17% on Tuesday after the government issued the Natural Gas Regulation Order, 2026.

Under the order, natural gas supply to fertiliser plants will be capped at 70% of their average consumption over the past six months. It also specifies that the gas allocated to these units cannot be used for any purpose other than fertiliser production.

Natural gas plays a critical role for fertiliser companies as a majority of it is used as feedstock in the production of ammonia, which is the primary input required to manufacture urea. Apart from this, gas is also used to generate the extreme heat and high-pressure environment required for the chemical reactions involved in the manufacturing process.

The directive comes amid the ongoing conflict in West Asia, which has disrupted liquefied natural gas (LNG) shipments passing through the Strait of Hormuz. With key suppliers invoking force majeure, the government has ordered a diversion of natural gas supplies toward priority sectors of the economy.

The order has been issued under the Natural Gas (Supply Regulation) Order, 2026, which derives its authority from the Essential Commodities Act, 1955. The law empowers the Centre to regulate the supply, distribution and trade of petroleum products to ensure equitable distribution.

Last week, Gujarat Gas and Petronet LNG invoked force majeure for their industrial customers under the provisions of their Gas Supply Agreements, restricting the daily contracted quantity.
According to the order, four sectors have been assigned the highest priority and will continue to receive 100% of their average gas consumption over the past six months.These sectors include domestic piped natural gas (PNG), compressed natural gas (CNG) used in transport, liquefied petroleum gas (LPG) production, including shrinkage requirements, as well as pipeline compressor fuel and other essential operational needs.

Fertiliser plants have been placed in the second priority category and will receive 70% of their average gas consumption over the past six months, subject to operational availability.

The third priority category includes tea industries, manufacturing units and other industrial consumers connected to the national gas grid, which will receive 80% of their average consumption during the past six months.

The fourth priority group covers industrial and commercial consumers served by city gas distribution (CGD) companies, who will also receive 80% of their average gas consumption over the previous six months.

FACT shares rallied the most, gaining 17%, while RCF and National Fertilisers soared 12% each. Gujarat State Fertilisers and Coromandel International gained up to 6%. Paradeep Phosphates and Chambal also rose to 6%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Gas supply shortages have begun to show up in Indian cities as the war in the Middle East continues to rage on, despite US President Donald Trump suggesting that the conflict may end soon. Several sectors including fertilisers, quick service restaurants (QSR), tiles and others are likely to be on the direct line-of-fire amid the crisis.

As a result of supply constraints arising from the closure of the Strait of Hormuz, gas prices have surged in India. Domestic cooking gas now costs Rs 60 more per cylinder, while commercial LPG price rose by Rs 114.5. European natural gas prices jumped nearly 40% last week after Qatar Energy halted production at a key LNG facility amid escalating Middle East tensions.

The Indian government today issued the Natural Gas (Supply Regulation) Order 2026, in order to prioritise PNG, CNG and LPG production in gas allocation. However, concerns around persisting Middle East tensions leading to prolonged supply cuts have been looming over markets. Here are 30 stocks which may directly be impacted in case the gas shortages persist:

Fertiliser stocks: GNFC, Chambal Fertilizers, RCF, FACT, Deepak Nitrite

Urea production relies heavily on imported LNG, and a sustained shortage would impact fertilizer companies, just as farmers prepare for the coming summer crop cycle, followed by the kharif or monsoon crop season. India imports nearly its entire requirement of muriate of potash and up to 60% of di-ammonium phosphate (DAP), besides being dependent on LNG imports.
Gujarat Narmada Valley Fertilizers & Chemicals informed exchanges on Friday that the war in the Middle East had adversely impacted the supply of Liquefied Natural Gas (LNG), and its supplier GAIL has issued a force majeure notice. “Accordingly, due to the supply constraints, the allocation of RLNG quantities to GNFC under the supply agreement has been restricted to 60% of the Daily Contracted Quantity (DCQ) on an overall basis with effect from March 06, 2026. This will have an impact on the production of Neem Urea,” it said.

As a result, the stock tanked more than 5% on Monday. However, all fertiliser stocks are up today, after the government issued the Natural Gas (Supply Regulation) Order 2026, noting that fertiliser plants will receive 70% of their average gas supply over the past six months.
Other stocks in the sector which will remain in focus include Chambal Fertilizers & Chemicals, RCF, FACT and Deepak Nitrite. These stocks have fallen up to 20% in 2026 so far.

Restaurant stocks: Eternal, Swiggy, Jubilant Foodworks, others

The shares of food delivery conglomerates Eternal and Swiggy, along with quick-service restaurant operators like Jubilant Foodworks (operates Domino’s), Devyani International and Sapphire Foods (operates KFC and Pizza Hut), Westlife FoodWorld (operates McDonald’s) and Speciality Restaurants (operates Mainland China and other brands), will remain in focus amid rising LPG shortages.

Supply shortages have emerged in several cities, including Mumbai and Bengaluru, with restaurants in some areas warning of possible closures due to insufficient fuel. India imports more than 60% of its domestic LPG needs, and around 85–90% of these imports pass through the Strait of Hormuz. The country consumed 31.3 million tonnes of LPG in FY25, of which only 12.8 million tonnes were produced domestically.

Indian government is trying to regulate the LPG supplies during the ongoing crisis. “In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, Ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use,” the Ministry of Petroleum & Natural Gas said in a post on X.

“The ministry has prioritised domestic LPG supply to households and introduced 25 day inter- booking period to avoid hoarding/black marketing. Non domestic supplies from imported LPG are being prioritised to essential non domestic sectors such as Hospitals and Educational institutions,” it added.

Gas importers, transporters & distributors: IGL, MGL, Petronet LNG, GAIL

Companies responsible for importing, transporting, and distributing gas will possibly remain at the forefront of the crisis, facing simultaneous volume and price risks. LNG importer Petronet LNG faces direct exposure to cargo disruptions from Qatar due to the closure of the Strait of Hormuz. Gas transmission giant GAIL will possibly suffer reduced throughput volumes as supply tightens, while city gas distributors IGL and MGL will experience the dual challenge of securing supplies and managing the pass-through of sharply higher costs to end consumers (CNG for vehicles and PNG for homes/industry), creating both volume and margin risk.

Tile makers: Kajaria Ceramics, Somany Ceramics, Cera Sanitaryware

As the Middle East conflict continues to choke India’s domestic gas supply, tile companies are likely to be impacted as LNG and propane account for approximately 70% of fuel for the Morbi Tiles industry, which is notably curtailed now. “This could impact domestic Tile production and margins, as energy cost is 20-25% of net sales. Approximately +5% rise in fuel cost could impact EPS by est 5-7%,” Jefferies said.

The international brokerage sees the supply constraints possibly impacting the production volumes of tile makers, as many manufacturers may find it unviable to operate due to gas price spike. Notably, international LNG spot prices spiked by more than 46% last week, as Middle East conflict escalated.

Auto ancillaries: Samvardhana Motherson

While rising oil prices may impact auto stocks, rising gas prices may impact the auto ancillary industry. Nomura in its note said that companies like Samvardhana Motherson may face cost pressure from rising gas prices in the EU in the near term, which however gets passed on with a lag. “Auto ancillaries could also face more near-term downside as valuations are not close to -1SD,” it added.

Consumer Durables: PG Electroplast, Amber Enterprises

Gas is one of the key raw materials for fridge-makers in the consumer durables industry. PG Electroplast said in an exchange filing that its suppliers have imposed certain supply restrictions, due to which the company’s allocation of LPG quantities has been constrained.

Other key players in the industry, including Amber Enterprises, LG Electronics India, Voltas, Blue Star and Hitachi Energy India will also remain under the radar.

Other stocks:

Glass makers like Borosil Renewables will also be under active watch amid the rising gas shortages, as furnaces in this industry are highly gas-intensive. The company’s Executive Chairman Pradeep Kheruka told CNBC-TV18 during an interview today that it has backup fuel and operations are currently normal, although it has received notice that supply contracts are subject to force majeure during the ongoing conflict.

Other stocks like SRF, Finolex Industries, Styrenix, Aarti Industries and others may also be affected.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The decline in UK hiring may be beginning to stabilise after new data showed a slowdown in falling job vacancies and a rebound in activity across the country’s crucial services sector.

An index tracking permanent hiring, produced by the Recruitment and Employment Confederation and KPMG, rose to 49.2 in February, up from 46.9 in January. Although the reading remains just below the 50-point threshold that separates expansion from contraction, it marks the strongest result since March 2023 and indicates that the pace of decline in recruitment is easing.

The figures suggest the UK labour market may be approaching a turning point after a prolonged slowdown triggered by rising employment costs and economic uncertainty.

Vacancies for full-time roles continued to fall during February, but the pace of decline moderated noticeably compared with previous months. Nevertheless, the labour market remains under pressure, with job vacancies declining for 28 consecutive months, highlighting the persistent caution among employers.

Businesses have been grappling with a difficult combination of higher operating costs and weaker economic confidence. Recent policy changes, including increases in employer national insurance contributions and higher statutory wage levels introduced during Chancellor Rachel Reeves’s first two budgets, have pushed up payroll expenses across many sectors.

Those changes have contributed to a softer labour market, particularly for entry-level roles and younger workers. Official statistics show unemployment has risen to its highest level since the pandemic, with youth unemployment climbing to 16.1 per cent, the highest rate in more than a decade.

Despite these challenges, recruitment leaders say the latest data indicates the downturn in hiring may be close to its lowest point.

Neil Carberry, chief executive of the Recruitment and Employment Confederation, said the figures pointed to a gradual stabilisation.

“While February’s report is by no means a source of unalloyed celebration, it does suggest that the worst of the hiring slowdown has passed,” he said. “There may still be a few bumpy months to come, especially in light of global instability, but the stabilising trend we have seen so far this year has continued.”

The survey also found that wage pressures have started to ease after a period of strong salary growth driven by labour shortages.

Both starting salaries for permanent roles and pay rates for temporary workers continued to rise, but at a slower pace than earlier in the year and below their long-term averages. This cooling trend may offer some relief to employers that have struggled with rising labour costs over the past two years.

Demand for temporary workers also weakened during February. The retail sector reported the steepest drop in short-term hiring, reflecting continued pressure on consumer spending and high street activity.

By contrast, engineering and technical industries saw the smallest decline in temporary vacancies, suggesting demand for skilled workers in those sectors remains relatively resilient.

Separate research from BDO indicates that improved activity in the UK services sector may be helping support hiring levels.

BDO’s services output index rose to 98.80 in February, up from 97.67 in January, marking the strongest reading in a year.

The services sector accounts for around 80 per cent of the UK economy, meaning changes in its performance often have a major impact on employment trends.

BDO analysts suggested that the recent improvement could partly reflect policy changes, including the government’s decision to soften planned increases in business rates for pubs and hospitality venues.

Stronger services activity aligns with other indicators suggesting the UK economy has made a solid start to the year.

The composite purchasing managers’ index (PMI), which measures activity across manufacturing and services, has remained above the 50-point growth threshold since May 2025, and reached a near five-month high in February.

Despite the encouraging signals, economists warn that the labour market recovery may prove fragile if global economic conditions deteriorate.

The escalation of conflict in the Middle East has pushed energy prices higher in recent weeks, raising concerns about inflationary pressures returning.

Analysts at Goldman Sachs and JPMorgan Chase have both warned that sustained increases in oil prices could slow economic growth in the UK and other major economies.

Meanwhile the Office for Budget Responsibility has cautioned that geopolitical instability could deliver a “significant” shock to the global economy if energy markets remain volatile.

Higher fuel and transport costs could feed through into business operating expenses, potentially discouraging companies from expanding their workforce.

While the latest hiring data suggests the UK labour market may be stabilising, economists say a sustained recovery will depend on several factors, including inflation trends, interest rate policy and the wider geopolitical environment.

For now, the slowdown in falling vacancies and renewed services activity provide tentative signs that the downturn in recruitment could be nearing its end.

But with global uncertainties still looming, employers remain cautious about committing to large-scale hiring, meaning the recovery in job creation is likely to remain gradual rather than dramatic in the months ahead.

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China’s exports surged in the first two months of 2026 despite escalating trade tensions with the United States, highlighting the resilience of the world’s second-largest economy even as tariffs imposed by US President Donald Trump continue to reshape global trade flows.

Official trade data released by Chinese authorities shows that exports rose by more than 20 per cent in January and February compared with the same period last year, far exceeding economists’ expectations. Analysts had forecast growth of around 7 per cent, making the latest figures nearly three times stronger than predicted.

The strong performance puts China on course to exceed the record trade surplus it recorded in 2025, reinforcing the country’s continued reliance on overseas demand at a time when its domestic economy remains under pressure.

The figures come ahead of a planned diplomatic meeting between Donald Trump and Xi Jinping, who are expected to meet in early April to discuss trade relations and broader geopolitical tensions.

China’s export growth has become increasingly important as the country grapples with a range of structural economic challenges.

Weak consumer spending at home, a prolonged downturn in the property sector and a shrinking working-age population have all weighed on domestic demand. As a result, exports have played a critical role in supporting overall economic growth.

Beijing has acknowledged the pressure facing the economy. Earlier this month the government set a growth target of between 4.5 and 5 per cent for 2026, slightly lower than the 5 per cent target achieved in 2025, a year in which exports were a major contributor to economic expansion.

Economists say the latest export data underlines how global demand, particularly for technology and manufacturing, continues to provide a lifeline for China’s economy.

Much of the increase in exports was driven by strong demand for electronics and high-value manufactured goods.

Shipments of technology products, including consumer electronics and components used in global supply chains, rose sharply as international demand remained robust.

Agricultural exports and other manufactured products also recorded solid growth, helping to broaden the export recovery across several sectors.

China’s trade performance also benefited from stronger demand in key global markets outside the United States.

Exports to European markets grew significantly during the first two months of the year, rising by 27.8 per cent compared with the same period in 2025.

Trade with the Association of Southeast Asian Nations (ASEAN), which includes major economies such as Thailand, Singapore and the Philippines, also expanded rapidly. Chinese exports to ASEAN countries climbed by almost 30 per cent, reflecting strengthening regional trade ties.

The growth highlights how China has increasingly diversified its export markets in recent years, reducing its reliance on the United States and building stronger commercial relationships across Asia and Europe.

Despite the overall export surge, shipments from China to the US fell sharply.

Exports to America declined by more than 10 per cent during the same period, reflecting the continued impact of tariffs and other trade measures introduced by the Trump administration.

The tariffs were designed to address long-standing trade imbalances between the two countries and encourage companies to shift supply chains away from China.

While the measures have reduced Chinese exports to the US, the broader export boom suggests Chinese manufacturers have successfully redirected goods to alternative markets.

The upcoming meeting between Trump and Xi is expected to focus heavily on trade policy, supply chains and global economic stability.

Relations between the two countries have been strained by tariffs, technology restrictions and strategic competition in areas such as artificial intelligence, semiconductors and advanced manufacturing.

Analysts believe both leaders may seek to stabilise trade relations amid growing global economic uncertainty.

The talks will take place against a backdrop of rising geopolitical instability, particularly following the conflict in the Middle East involving the United States, Israel and Iran.

The conflict has disrupted global energy markets and pushed up oil and gas prices, creating additional uncertainty for major economies across Asia, including China.

Higher energy costs could place further pressure on Chinese manufacturers, many of which rely heavily on energy-intensive production processes.

Despite these challenges, the latest figures underline the continued strength of China’s export-driven economic model.

While Beijing has repeatedly emphasised the need to rebalance the economy toward domestic consumption, global demand for Chinese goods remains a powerful driver of growth.

For now, strong export performance is helping China maintain economic momentum, even as trade tensions with the United States continue to reshape the global trading landscape.

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