P&G up guidance following strong Q2

Consumer goods giant Procter & Gamble has upped its full-year guidance on the back of strong sales of products ranging from skin cream to fabric softener in its last trading quarter.

P&G turned in a 4% increase in organic revenues in the second quarter, leading the Cincinnati-based group to raise its organic sales guidance between 2% to 4% for 2019.

Chairman David Taylor said efforts to turn the company around after seeing an increased level of competition from smaller rivals had begun to bear fruit.

Taylor said P&G was still capable of producing "strong results" despite a "challenging competitive and macroeconomic environment".

Beauty product sales were up 8% year-on-year on an organic basis, while healthcare products climbed 5%. However, grooming sales slipped 3%.

The Nasdaq constituent saw net income rise 26% to $3.21bn, while diluted net earnings per share soared 31% to $1.22.

As of 1440 GMT, P&G shares had climbed 5.87% to $95.74 each.