Dutch electronics group Philips said on Monday it expects its financial results will improve in the second half of this year but is concerned about the volatility in some markets.

‘Our outlook for 2016 remains unchanged, as we continue to expect earnings improvements in the second half of the year, but we are concerned about increased risk due to volatility in a number of markets,’ chief executive Frans van Houten said at the publication of the company’s second quarter results.

Philips reported second quarter net profit of €431m on sales of €5.9bn, but this included €144m from a legal settlement.

Actual sales were down 2% on the same period in 2015 but like for like sales rose 3%, the company said. According to Reuters, the results were largely in line with analysts forecasts.