Food to detergent group Unilever booked turnover down 2.7% last year at €48.4bn but net profit rose 5% to €5.5bn.

Currency effects had an impact on sales – at constant exchange rates sales would have risen 2.9%, the company said in a statement.

‘Despite a very challenging year for our industry with significant economic headwinds and weak markets, we have delivered another year of competitive underlying sales growth and margin expansion,’ chief executive Paul Polman said.

‘This consistency, now established over the last six years, has been achieved during a period of unprecedented volatility as we have built a more resilient company.’

Polman said the company did not foresee any significant improvement in market conditions this year.