Philips , the Dutch healthcare, lighting and consumer appliances group, raised most of its financial targets on Tuesday after two years of job cuts, divestments, and a focus on core activities turned around performance.

Philips also announced a new 1.5 billion euro share buyback programme over the next two to three years and set new mid-term sales and profit margin targets for the period up to 2016.

These included comparable sales growth on a compound annual growth rate basis of between 4-6 percent, and earnings before interest, tax and amortization (EBITA) margins of 11-12 percent for the group.

It also set EBITA margins of 9-11 percent for the lighting division, 16-17 percent for the healthcare business, and 11-13 percent for the consumer division.

(Reporting by Sara Webb. Editing by Anthony Deutsch)