Global food and drink company, Danone has today (Wednesday, February 26) reported that full year sales for 2024 stood at almost €27.4 billion, which is up by 4.3% on a like-for-like basis.

The financial results show that the performance was driven by a 3% increase in volume and a 1.3% rise in price.

In quarter four (Q4) 2024, sales stood at €6.7 billion, up 4.7% on a like-for-like basis, led by an increase of 4.2% from volume/mix and 0.6% from price.

The French headquartered company said this marked the fifth consecutive quarter of positive volume/mix in Europe.

It pointed to "continued strong momentum" in North America, notably in high protein, coffee creations and waters.

The report also outlined "sustained competitive growth" in China, North Asia and Oceania in all categories

Danone reported record free cash flow of €3 billion for 2024, up 14% and proposed a dividend of €2.15/share, an increase of 2.4% on the previous year.

The company said that its 2025 guidance is in line with mid-term ambition, with like-for-like sales growth expected of between 3% and 5%, with recurring operating income growing faster than sales.

Danone intends to buy back 2.7 million shares, in one or more tranches in 2025, which it said will be allocated to employee shareholding plans.

Antoine de Saint-Affrique, Danone chief executive, said that the company closed the first chapter of its strategic plan, Renew Danone, "with a strong set of results, fully delivering on our 2022 mid-term guidance".

"In 2024, the quality of our growth has further improved, reaching 4.3% like-for-like sales growth driven by 3% volume/mix.

"This allowed us to drive operating leverage, enabling us to further reinvest in our brands and capabilities, and support the growth of our categories while maintaining a strong financial discipline.

"Our focus on value creation and return-oriented capital allocation led to a significant improvement of our ROIC (ratio of net operating income), now back into double-digit territory," he said.

The Danone chief executive said the company believes that "the food industry is at a tipping point".

"Our unique, health-driven portfolio, our renewed focus on science to the service of consumers and patients, our strong brand portfolio and a continuous improvement mindset give us the confidence that we can seize this long-term market opportunity.

"We enter the next chapter as a stronger company, ready for more," he said.