Food to detergent group Unilever boosted turnover last year by some 10% to over €50bn for the first time.

Net profit rose 7% to €4.7bn, the Anglo-Dutch company said in a statement on Wednesday. Underlying sales growth was up 6.9%, of which volume growth accounted for 3.4%.

The growth in turnover is largely due to developing markets in Asia and Latin America, the company said. The company has given itself a target of increasing turnover to €80bn within the next few years.

‘These results have been achieved in tough economic conditions, with volatile commodity costs and in an intensely competitive environment,’ chief executive Paul Polman said. ‘However there is no room for complacency: markets will remain challenging, with intense competition and volatile commodity costs.’