Procter & Gamble said the economic downturn had done little to hit global demand for its premium household products as consumers stuck at home go through more of its paper towels, tissues and dishwasher tablets.

Shares in the US-based consumer goods bellwether behind Fairy washing up liquid and Pampers nappies hit a new high, giving a market capitalisation of $323bn, as executives argued the pandemic was leading to lasting changes in consumer habits.

The results are the latest sign that changes in behaviour during the crisis are helping the makers of long-established consumer brands, which had been on the back foot in recent years. P&G produced revenues of $17.7bn in the three months to the end of June, a rise of 6 per cent from a year ago on an organic basis.