It’s a rare day when Hewlett-Packard matches Dell on PCs. But HP’s revenue growth kept pace with the market leader in the third quarter. Admittedly, that is where the comparison ends. In spite of four consecutive increases in HP’s computer business operating margins, these are still only 2.6 per cent compared with Dell’s at more than 6 per cent. But the movement is in the right direction. And, rightly, HP appears willing to sacrifice some volume gains in return for higher pricing and profitability.

With a solid printer performance and strong server sales Mark Hurd, the new chief executive, had some positive surprises in the first results he can reasonably claim to have influenced. Mr Hurd has momentum. The shares have risen by a third since his appointment. The group appears to be improving operationally. And Mr Hurd has unveiled an overdue restructuring that will take margin improvements through into next year.