Underlying operating profit improved 3.3 percent to 5.2 billion euros, with a 10 bps margin improvement to 17.1 percent. Underlying earnings per share improved 3.9 percent, diluted EPS rose 23.6 percent.
In a volatile and high-cost environment, the company expects to deliver another year of strong underlying sales growth of above 5 percent, with underlying price growth continuing to moderate through the year.
Commenting on the first half results, Hein Schumacher, Unilever CEO said: “Unilever’s performance in the first half highlights the qualities that attracted me to the business: an unmatched global footprint, a portfolio of great brands and a team of talented people. My early immersion in the business has confirmed my belief in Unilever’s strong fundamentals. The task ahead is to leverage these core strengths – supported by our simplified operating model – to drive improved performance and competitiveness.”
The company’s beauty & wellbeing grew underlying sales by 9.1 percent. The company said that volume growth of 3.8 percent was led by continued double-digit growth in Prestige Beauty and health & wellbeing, as well as strong growth in hair care. Personal care underlying sales were up 10.8 percent, driven by price and 3.2 percent volume growth with strong sales of deodorants. Home care grew 8.4 percent.
Emerging markets grew underlying sales by 10.6 percent, Latin America delivered 16.3 percent underlying sales growth, South Asia grew double-digit, driven by India. China grew 7.9 percent, while growth in SouthEast Asia was muted due to a sales decline in Indonesia, while Turkey delivered strong volume growth in a continued hyper-inflationary economy. Developed markets grew underlying sales by 6.9 percent.