Unilever misses targets and warns of softer first quarter
Fast-moving consumer goods giant Unilever saw slower growth than expected in 2014, and warned the first quarter of 2015 would be softer than than last year but that growth would improve during the year.
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Full year results showed underlying sales growth of 2.9%, faster than the markets it operates in but lower than analyst forecasts, with volumes higher by 1% and prices advancing by 1.9%.
The company's core operating margins improved by 40 basis points at current exchange rates, free cash-flow came in at €3.1bn following €0.8bn in taxes on the profits earned from disposals, while core earnings were up by 11%.
Chief executive Paul Polman said it had been a challenging year for the industry, with significant economic headwinds and weak markets.
"We do not plan on a significant improvement in market conditions in 2015," he said.
"Against this background, we expect our full year performance to be similar to 2014 with the first quarter being softer but growth improving during the year. We remain focussed on competitive, profitable, consistent and responsible growth."
** More to follow **