Royal Philips has increased its financial targets for 2016 seek to build its lighting and consumer lifestyle portfolios in the next two years as part of its Accelerate! efficiency plan.
According to Frans van Houten, Royal Philips CEO, the company is on track to meet its 2013 goals and expects to show profit in the next four years with a comparable sales growth of four to six percent by 2016.
“Philips is a diversified technology company serving attractive markets with a dynamic portfolio of 40 businesses that are addressing important global trends,” van Houten told investors on Tuesday.
“Together these businesses have significant unlocked potential and we see substantial opportunities for profitable growth for 2016 and beyond,” he added.
The company update included Philips’ plans for gradual investments, a revised share buy-back program and strategies for the LED, personal health and well-being appliances and services markets.