Gloves and condom maker Ansell is confident of overcoming a sales slowdown and meeting its forecast for earnings growth this financial year.

Chief executive Magnus Nicolin told shareholders at Ansell’s annual general meeting year-on-year sales results for September had been weaker than expected.

While a recovery in North America was expected and benefits had begun to flow from improvements to Ansell’s product delivery system, they would not be enough to offset weakness in Europe as well as some Asian and African markets, he said.

Despite this, Ansell still expects to deliver earnings before interest and tax growth for 2012/13 which was close to the double-digit levels seen last financial year.

Mr Nicolin reiterated previous guidance of earnings per share growth in the mid-single to low-double digits this financial year.

“It is a rather tough environment but we do believe that our guidance … is defendable and sustainable,” he told shareholders at the meeting in Melbourne on Monday.

“We have a very resilient company.

“We can take a lot of punches and still remain standing.”

The upcoming US election was proving an issue in North America, underpinning uncertainty from distributors who were reluctant to buy, Mr Nicolin said.

“We see it with distributors making sure they have the absolute minimum inventory, so they have scaled back their buying to make sure they are sitting on as little inventory as possible because they don’t know whether the country is going to go this way, or that way,” he said.

However, new product launches and the integration of Comasec, the French protective glove maker Ansell recently bought for $118 million, were expected to have a positive impact.

Ansell was also continuing the hunt for acquisitions after revealing in August it had a $200 million warchest for new business opportunities.

“We are very focused in our search,” Mr Nicolin told AAP after the meeting.

Declining raw materials prices were also working in Ansell’s favour, he said.

During the meeting, shareholders bid farewell to outgoing chairman Peter Barnes.

Mr Barnes retired from his post at the end of the meeting, paving the way for director Glenn Barnes to take the top job.

Ansell’s shares were 20 cents lower at $15.96 at 1524 AEST.