Reckitt boosted by emerging markets

Cillit Bang-to-Dettol group Reckitt Benckiser has shrugged off declining global markets with a 13% hike in 2010 annual profits.

Strong growth in developing markets helped the household goods giant offset a weak performance in Europe – its biggest sector – where net revenues fell 1%.

It is targeting further sales and profits growth in 2011, although at a reduced pace for earnings due to a tough global economic backdrop.

Pre-tax profits rose to £2.14 billion in 2010 despite a 2% fall in the fourth quarter, with Reckitt meeting its own forecasts for 6% revenues growth and coming in just shy of the 16% net income goal.

It is aiming to double sales growth this year, but it expects net income to rise by a more muted 10%.