Shares in Pandora, the jewellery maker and retailer that spent much of last year under attack by hedge funds as it tries to relaunch its brand, jumped after it delivered a smaller decline in operating profit than the market had expected.

Pandora will lay off another 1,200 workers in Thailand and speed up marketing spending as its new chief executive looks to turn around the struggling jewellery maker and retailer after another fall in like-for-like quarterly sales.