Philips’ strategy of focusing on healthcare is reaping benefits. The Amsterdam-based company on Tuesday reported full-year 2016 net profit more than doubled to €1.5bn on turnover 3% higher at €24.5bn.

Philips chairman Frans van Houten attributed the improved performance to the company’s new strategy to focus on healthcare. ‘In the next three to four years, we are aiming at annual sales growth of between 4% and 6%,’ he said in a statement.

The healthcare division HealthTech booked  2016 turnover 5% higher than in 2015.

Phiips decided last year to hive off its lighting division to concentrate on healthcare although it still has a 71% stake in Philips Lighting.