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Unilever share price subdued as group posts drop in HY turnover

Shares in Unilever (LON:ULVR) have slipped into the red in today’s session, as the company updated investors on its half-year performance, posting a drop in turnover. The group’s underlying earnings, however, rose during the reported period.

As of 08:51 BST, Unilever’s share price had added 0.51 percent to 4,176.50p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.18 percent lower at 7,662.10 points. The group’s shares have lost about 2.6 percent of their value over the past year, as compared with about a 3.3-percent gain in the Footsie.

Unilever posts half-year results

Unilever announced in a statement this morning that its turnover had fallen five percent to €26.4 billion in the first half of the year, hit by an adverse translational currency impact. The group’s underlying sales excluding spreads meanwhile rose 2.7 percent with volume 2.5 percent and price 0.2 percent. The Anglo-Dutch group delivered a 7.8-percent rise in earnings per share to €1.22 during the reported period.

“Our first half results show solid volume-driven growth across all three divisions, which was achieved despite the effects of an extended truckers’ strike in Brazil, one of our biggest markets,” Unilever’s chief executive Paul Polman commented in the statement, adding that the company’s expectations for the full year remained unchanged, with consumer goods giant continuing to forecast underlying sales growth of between three and five percent.

Investors to vote on HQ change in October

Unilever’s half-year results come amid ongoing investor worries over the FTSE 100 company’s plans to scrap its headquarters in London as it looks to establish a single corporate entity based in the Netherlands. Reuters reports that shareholders will vote on the move on October 25 and 26.

As of 09:23 BST, Thursday, 19 July, Unilever plc share price is 4,202.00p.

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