Procter and Gamble meets targets during 2014 business year

Procter and Gamble has reported encouraging financial results for the 2014 business year, which came to a close at the end of June 2014.

During the 12 months, the company achieved a net sales total of $83.1 billion (49.35 billion pounds), up by one percent year on year. It was able to meet its objectives despite difficult trading conditions, delivering strong constant currency earnings growth.

Its grooming, healthcare, baby, feminine and family care, and fabric and home care divisions all saw improvements, helping to offset the flat performance of its beauty segment.

For the 2015 fiscal year, the firm is predicting organic sales growth in the low-to-mid single digit range. A key part of its upcoming strategy will be the sale of a significant number of non-core brands.

AG Lafley, chairman, president and chief executive officer of Procter and Gamble, said: "We have more work to do to deliver the profitable sales growth and strong cash productivity we are capable of delivering."