Colgate-Palmolive forecasts growth for 2011

Colgate-Palmolive has predicted mid-single digit earnings per share growth for 2011 in its latest financial report.

The oral health company has forecast a rise in top-line results over the next year based on planned increases in advertising spending and several new product launches, as well as a focus on cost-saving measures.

This comes after a year in which the company experienced rising worldwide sales and earnings, despite competition and the effects of the global economic slump.

Ian Cook, the firm's chairman, president and chief executive officer, noted that its share of the toothpaste and manual toothbrush sectors have risen to record highs, with the UK highlighted as a key growth market.

He added: "Pleasingly, our leadership in emerging markets, which represent over half of our global sales, continued to strengthen during the [fourth] quarter."

Earlier this month, Colgate-Palmolive chief financial officer Stephen Patrick retired from the company and was replaced by Dennis Hickey.