Unilever(UK)(US:UL)2024-07-25 09:02Financial Performance - Unilever's H1 incremental brand and marketing investment (BMI) reached €0.7 billion[1] - The company's H1 gross margin expanded to 45.7%, a 420 bps increase compared to the previous year[36, 54] - Underlying sales growth for full year 2024 is expected to be within the 3-5% range[60] - The company expects at least 18% underlying operating margin for full year 2024[77] - Free cash flow reached €2.2 billion, a decrease of €0.3 billion compared to H1 2023[57, 80] Growth & Volume - Underlying volume growth (UVG) accelerated to +2.6% in H1[36] - Power Brands account for approximately 75% of turnover[9] - R&D spending increased by 5.3% compared to H1 2023[18] Business Restructuring - Unilever is on track to complete the separation of its Ice Cream division by the end of 2025[3] - The company anticipates €800 million in cost savings from its Growth Action Plan, which is expected to more than offset operational dis-synergies[3] Financial Guidance - Capital expenditure is projected to be around 3% of turnover[7] - Restructuring costs are estimated to be around 1.2% of turnover[7]