30 April 2026
If you are covering the latest results from Unilever and Magnum, please see the following comment from Chris Beckett, consumer staples analyst at Quilter Cheviot:
Unilever
“Unilever delivered a good set of results this morning, edging ahead of expectations. The company’s growth is being driven by higher volumes rather than price rises alone, and some of its largest brands, including Dove, Vaseline and its laundry ranges continued to perform particularly well.
“Home care has been a particular bright spot, especially in India and Brazil. In India, a growing middle class and improving economic backdrop are driving a shift towards more premium laundry products, which plays to Unilever’s strengths and varied product portfolio. Brazil, by contrast, has been more of a self-help measure for Unilever. The company previously misjudged its pricing, but a reset has helped restore sales. Unilever is well positioned in terms of categories and geographies, and its relatively new management team appears to be making the right decisions.
“Guidance was left unchanged, with first quarter growth just below the lower end of the 4%-6% organic sales medium term range. On around fifteen times earnings, Unilever is not particularly expensive, but the impending demerger of the food business is likely to keep some investors on the sidelines until what could be a lengthy process is complete. Once that is done, the market may take a fresh look at a simpler and more focused group.”
Magnum
“Magnum’s first quarter results represent a clear improvement on the final quarter of last year, and a sense of relief is likely to show up in its share price today. As a newly demerged business, the market had little history to draw on, which contributed to the negative reaction to its previous update.
“This time the picture is more encouraging. Product innovation appears to be gaining traction, driving first quarter sales growth of 4.5% alongside 3% volume growth, giving a reassuring sign that its strategy is beginning to work.”
