Royal Philips announced five per cent growth

Philips has released its first-quarter results, noting a five per cent boom in its healthcare business and nine per cent growth of its equipment order intake.

Its net income for the period was ?219 million (£176 million).

Although this is less than the first three months of 2007, where ?875 million was generated, the firm stated that this is because last year it generated ?650 million through the sale of stakes.

Gerard Kleisterlee, spokesman for the organisation, said Philips will take action to protect itself from the “softening” economy.

“I am confident that 2008 will be another year of progress for Philips. We will continue to further optimise our portfolio, improve productivity and offer our customers exciting new products,” he added.

Last month, Philips acquired the software solutions firm TomCat, which is based in Northern Ireland.

The deal is likely to close during the current second quarter and then TomCat will be incorporated into Philips’ Healthcare Informatics section.