An increase in sales helped boost healthcare technology giant Philips’ overall performance last year, enabling the company to propose a 6% dividend increase and a €1.5bn share buy back programme.

In total, sales were up 5% at €18.1bn and orders were up 10% year on year, Philips, which spun off its lighting and consumer electronics divisions in recent years, said.

The company is taking steps to deal with ‘global geopolitical challenges and market volatility’, chief executive Frans van Houten said in a statement.

However, the company expects improved momentum over the course of 2020 and has reaffirmed sales growth targets of 4% to 6%, he said.