By Daniel Hunter

Adidas have reported their best ever annual profits in 2011, seeing net profits rise by 18%.

With the Olympics creeping ever closer the sporting goods firm hope that further records will be broken this year.

Despite hardly making any profit in the final quarter of 2011, profits for the year topped £559 million, with rising sales in Eastern Europe and China driving demand, the company said.

"We enjoyed our fastest organic sales growth rate since 2006," Chief Executive Herbert Hainer said.

"We made progress on improving profitability.

"There is always great buzz and excitement around major sports events and they don't come bigger than the London 2012 Olympic Games and the UEFA Euro 2012."

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