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Unilever reported higher than expected underlying sales growth in the first half of the year driven by continued price rises, but sales volumes were flat as the cost of living crisis squeezed consumers.
The Marmite and Magnum maker reported a 9.1 per cent rise in underlying sales in the first six months of the year, beating analysts’ expectations, while volumes fell 0.2 per cent.
The company said: “We have passed peak inflation”, adding that it had moderated its price rises. Prices rose 9.4 per cent in the first half, compared with 13.3 per cent in the fourth quarter of 2022.
Chief executive Hein Schumacher, who took up the role this month, said his task ahead was to use Unilever’s “strong fundamentals” to drive improved performance and competitiveness.
“This opportunity to step up our performance and unlock our full potential makes it an exciting time to lead Unilever,” he said.
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