Bernard Arnault, chief executive officer of  LVMH Moet Hennessy Louis Vuitton SA, has told shareholders that he anticipates acquisition opportunities to appear over the next five years and also wants to double its profitability within that time.

Arnault said that the company was not expanding externally at present as there was a lack of opportunity, but said: "in the coming five years there will be important deals and we will be there".

He added: "There's no point rushing; there will be no shortage of good opportunities".

Arnault said that LVMH had reported an 'excellent' start to 2005, with continued organic sales growth.

LVMH also reiterated its goal to 'significantly' increase full-year operating profit.

LVMH has concentrated on internal growth over the past couple of years after a spurt of acquisitions in the late 1990s and at the start of the Millennium.