Unilever announces 4.2%sales growth in FY 2024 results
UK – Unilever, a British multinational Fast-Moving Consumer Goods Company, has announced improved performance in its fiscal 2024 results with sales growth of 4.2%.
According to the company, turnover was €60.8 billion (US$63.72 billion), up 1.9 per cent from the prior year.
Hein Schumacher, CEO, 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.”
He added that the company will continue to sharpen its portfolio, allocating capital to premium segments by acquiring scalable brands in attractive markets, such as K18 and Minimalist, and divestment of local food brands, such as Unox and Conimex.
The company delivered four consecutive quarters of underlying volume growth above 2%, with all Business Groups driving positive volume growth for the year.
The operating profit was €11.2 billion (US$11.74 billion), up 12.6% from the prior year. Operating margin increased 170bps to 18.4%, contributing to a 190bps increase in underlying ROIC to 18.1%. 280bps expanded gross margin to 45.0%, the highest in a decade.
In Foods, sales were 2.6% for the year, with 2.4% from price and 0.2% from volume. The two most prominent brands, Hellmann’s and Knorr, which accounted for 60% of the Business Group, continued to grow ahead of the food average.
The company’s strategy is to deliver consistent, competitive growth by offering unmissably superior products through our biggest brands.
This will be achieved by reaching more consumers and focusing on top dishes and high-consumption seasons, satisfying consumers’ preferences on taste, health, and sustainability while delivering productivity and resilience in our supply chain.
Condiments grew low-single digits with balanced volume and price growth. Hellmann’s grew low-single digits, led by volume growth, as it continued to expand its Flavoured Mayo range, now in 30 countries, and grow its premium format variants, including new squeeze bottles.
Unilever Food Solutions grew high-single digit led by volume with a positive price. This growth was supported by the rollout of our operator solutions, including the latest edition of the Future Menu’s Trend Report.
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