First-half revenue came in at €25.6bn, reflecting underlying sales growth of 4.8% (4.1% expected). All business divisions contributed positively, with growth driven by a 4.2% uplift in volumes, and higher prices accounting for the remainder.
Underlying operating profit rose at a slower pace of 0.9% to €5.2bn (€5.2bn expected), as currency headwinds and commodity inflation largely offset top-line growth and efficiency improvements.
Free cash flow rose 42.9% to €1.5bn, driven by strong cash conversion. Net debt decreased by €0.4bn to €26.0bn.
The group completed €1.5bn in share buybacks during the period and increased the quarterly dividend by 3.0% to €0.4664 per share.
Full-year guidance was upgraded, with underlying sales growth expected to be between 4.0-6.0% (previously: lower end of this range), including volume growth of around 3.0%.
The shares rose 4.9% in early trading.
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Unilever key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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