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Philips Boosts Profit And Revenue In The First Quarter

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Philips Boosts profit and Revenue in the first Quarter. Philips saw revenue and profit growth in the first quarter of 2019.

 

The healthcare technology company achieved a turnover of nearly 3.6 billion pounds, compared to 3.3 billion pounds a year earlier.

The net profit amounted to 140 million pounds, 32 million pounds more than in the same quarter of 2018.

According to CEO Frans van Houten, the year for Philips has “started reasonably”.

Van Houten demands the performance of the group to improve during the year.

Up to now, the CEO is mainly pleased with the growth in the Personal Health division.

Within that branch, dental care products, in particular, are doing well.

In the first quarter, Philips realised cost savings of 32 million pounds on purchasing.

Cost savings in terms of overhead and productivity generated a further 64 million pounds.

The company maintains the expectation that it will be possible to achieve organic revenue growth of 4 to 6 percent annually until 2020.

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