Nestle sees further growth in first half of 2016

Nestle has announced its financial results for the first half of 2016, during which it generated a sales total of 43.2 billion Swiss francs (34.2 billion pounds).

This represents a 3.5 percent year-on-year organic growth rate, consisting of 2.8 percent real internal growth and a 0.7 percent pricing contribution. During the period, pricing reached a historically low level due to deflation in developed markets and low commodity prices.

Growth was almost entirely driven by volume and product mix, with market share gains seen in numerous key territories. Its strong performance in the US, Europe, South East Asia and Latin America helped to offset the challenges seen in China.

Pricing levels are expected to recover somewhat in the coming months, allowing the company to confirm its full-year target of achieving organic growth in line with 2015, with improvements in margins and underlying earnings per share.

Paul Bulcke, Nestle's chief executive officer, said: "In these times of rapid change, we keep our focus on profitable growth by further investing in innovation, research and development, brand support and digital to engage with our consumers, meeting their changing needs."

Mr Bulcke is set to step down as chief executive at the end of the year as he prepares to step into the role of chairman, with Ulf Mark Schneider to succeed him.

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