Unilever has released its results for the full year, reporting underlying sales growth of 4.2%.
Unilever delivered four consecutive quarters of underlying volume growth above 2%, with all business groups driving positive volume growth for the year. Underlying price growth moderated to 1.3%. Underlying sales growth for the full year was 4.2%, led by volume of 2.9% and price of 1.3%.
Turnover was €60.8 billion, up 1.9% versus the prior year, with the underlying sales growth of 4.2% offsetting the -0.7% impact from currency and -1.5% from disposals net of acquisitions.
Underlying operating profit was €11.2 billion, up 12.6% versus the prior year. Underlying operating margin increased 170bps to 18.4%.
Foods grew underlying sales 2.6%, with “muted” volume growth of 0.2% amid what Unilever called a “market slowdown” and “moderating prices”. Ice Cream grew 3.7%, with a return to positive volume growth of 1.6%. This reflected an improved performance in the second half, supported by bigger innovations and operational improvements.
Hein Schumacher, CEO of Unilever, said: “Today’s results reflect a year of significant activity as we focused on transforming Unilever into a consistently higher performing business.
“Under the Growth Action Plan, we committed to doing fewer things, better and with greater impact. We executed the plan at pace and made progress in 2024. Underlying sales grew 4.2% with volumes up 2.9%… Fewer, bigger innovations helped to deliver volume growth consistently above 2% in each quarter. All Business Groups delivered positive volume growth for the year. Growth was underpinned by gross margin expansion of 280bps, fuelling increases in brand investment and profitability.”
He highlighted that Unilever aimed to focus its Foods portfolio on cooking aids and condiments categories.
Schumacher continued: “The separation of Ice Cream remains on track, and we are making good progress on the key workstreams. We announce today the appointment of the Chair Designate for the demerged Ice Cream business and details of the listing structure.
“Market growth, which slowed throughout 2024, is expected to remain soft in the first half of 2025. The steps we have taken in 2024, including the launch of our refreshed GAP2030 strategy, further reinvestment in our brands and strong innovation pipelines leave us better positioned to deliver on our ambitions in the years ahead.”
