Cosmetics firm L'Oreal reported a 10.3 per cent rise in annual profit today to make 2004 its 20th consecutive year of double-digit earnings growth.
The company said pretax profit came to €2.06 billion in 2004 after €1.87 billion in 2003. Sales rose 3.6 per cent to €14.5 billion.
L'Oreal also said it was proposing to separate the functions of chairman and chief executive officer.
Chairman Mr Lindsay Owen-Jones will recommend Mr Jean-Paul Agon (48) as chief executive in April 2006. Mr Owen-Jones remains chairman.
