GlaxoSmithKline reports sales growth

Drugs giant GlaxoSmithKline returned to sales growth in the first quarter of 2012, despite the impact of austerity measures hurting demand for its pharmaceuticals and vaccines business.

Sales grew 2% to £6.6bn (€8.08bn) compared to a 2% fall in the final quarter of 2011, while operating profits were up 3% at £2.1bn (€2.57bn), although this was lower than City expectations.