Pharmaceuticals giant GlaxoSmithKline saw profits soar in the third quarter, aided by sterling's slump following the EU referendum.
The company said turnover rose 23% to £7.5 billion in the three months to September 30 compared to a year earlier, while core operating profit jumped 35% to £2.3 billion over the same period.
A weak pound was a major driver of earnings growth last quarter, as the multinational firm benefits from income in stronger foreign currencies.
Sterling has lost nearly 20% of its value against the US dollar since the EU referendum in June.
However, earnings were much more muted once stripped of currency fluctuations.Turnover at constant exchange rates only grew 8%, while core operation profit rose 13%.
The company has maintained a positive outlook in recent months, despite market fears surrounding Brexit.
Shortly after the referendum, Glaxo announced it was pumping £275 million into three British manufacturing sites - dubbing the UK an "attractive location"
In its latest trading update, Glaxo chief executive Sir Andrew Witty said the company was on track to meet its earning target for 2016.
He said: "Our third quarter results reflect strong performances across the group and the sustained progress we have made over the course of 2016 to deliver sales growth of new products, maintain effective cost control and execute on our restructuring and integration plans."
He added: "Our most recent review of the Group's pipeline reinforces our confidence in the near-term portfolio and the options we have in early-to-mid stage development.
The latest set of earnings will be one of the last overseen by Sir Andrew.
Glaxo last month named consumer healthcare boss Emma Walmsley as its new chief executive to replace Sir Andrew when he retires and steps down in March 2017.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here