The outgoing CEO said the uptick in Chinese production, and spending, could help blunt cost inflation in the second half of 2023.
As reported, Unilever is expecting net material inflation in the first half to be around 1.5 billion euros. That figure will be “significantly lower” in the second half, the company said.
As reported, the consumer giant beat consensus expectations in 2022 with underlying sales growth of 9 percent in the fiscal year ended Dec. 31. Unilever will still have to fight for its margins, which have been eaten away by rising cost inflation. Jope said Unilever will deliver only a “modest improvement” in underlying operating margin in 2023 as it plans for another year of increased investment.
His efforts to buy the consumer health business of GlaxoSmithKline flopped. The move irked shareholders, tarnished Jope’s image and saw Unilever’s share price collapse. Schumacher is currently CEO of Royal FrieslandCampina, an international dairy and nutrition business with 11 billion euros in annual turnover. He was named a non-executive director of Unilever last year, and is thought to have been handpicked by Peltz.
Jope described Schumacher as a “an extremely clear communicator and a hell of a nice guy. I’m looking forward to seeing what he does at the helm of this great company.” in fiscal 2022, and the trend looks likely to continue in the first half of the current year.
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