Unilever has reported its results for Q3 2024, announcing improved volume growth and higher volumes year-on-year.
The company said its turnover of €15.2 billion was in line with the prior year, as underlying sales growth was offset by a currency impact of -2.8% and -1.5% from disposals net of acquisitions.
Unilever found that its underlying sales growth in the third quarter was 4.5%, against a “backdrop of slower market growth”. Underlying volume growth increased to 3.6% in Q3, the fourth consecutive quarter of positive and improving volume growth.
All of its business groups achieved positive volume growth, and underlying price growth “continued to moderate” to 0.9% in Q3.
Its Nutrition category grew underlying sales by 1.5%, with “muted volume growth” of 0.4% amidst a “market slowdown”. Ice Cream grew 9.8%, with 6.7% from volume and 2.9% from price.
Unilever said that its outlook for 2024 was unchanged, as it continued to expect underlying sales growth for the year to be within its multi-year range of 3% to 5%. It said it expects the majority of its growth to be driven by volume.
Hein Schumacher, CEO of Unilever, said: “We have delivered a fourth consecutive quarter of positive, improved volume growth, with each of our Business Groups driving higher volumes year-on-year.
“Underlying sales grew 4.5%, led by our Power Brands, with particularly strong performances from Dove, Liquid I.V., Comfort and Magnum. Price growth continued to moderate in line with our expectations.
“As part of the Group’s overall transformation, we are implementing a comprehensive productivity programme and the separation of Ice Cream, both of which are progressing as planned.
“We are on track to deliver our 2024 outlook and are confident that the steps we are taking will help to transform Unilever over time into a consistently higher performing business.”
