Our results for the first half of 2024 – which we announced on 25 July – show underlying sales growth of 4.1%, with volumes up 2.6%. We delivered our third consecutive quarter of positive, improving volume growth: up 2.9% in Q2, from 2.2% in Q1 and 1.8% in Q4 2023. Four of our five Business Groups delivered positive volume growth in Q2.
Our Power Brands – which now account for around 75% of Group turnover – performed strongly with 5.7% underlying sales growth, driven by volume growth of 4.0%. Our other brands also saw a sequential volume improvement to -1.1% in Q2, up from -2.0% in Q1.
A snapshot of our Business Groups
Beauty & Wellbeing grew underlying sales by 7.1%, with volume growth of 5.5% driven by continued double-digit growth from Health & Wellbeing and Prestige Beauty combined. In Q2, particularly strong growth in Health & Wellbeing more than offset softer growth in Prestige that reflected a slowdown in the US beauty market.
Personal Care grew 5.6% with 2.9% from volume, led by continued strong sales growth of Deodorants.
Home Care underlying sales increased 3.3%, with 4.6% volume growth more than offsetting the negative price growth linked to commodity cost deflation in some emerging markets.
Nutrition grew underlying sales by 3.2%, driven by price with flat volume for the first half. Nutrition returned to positive volumes in Q2 at 0.4%, up from -0.4% in Q1.
Ice Cream continued to focus on operational improvements. Underlying sales growth was 0.6% with volume down -1.0%, driven by weak sales in China and a softer start to the summer season in Europe.
A look across our markets
Emerging markets
These markets account for 59% of Group turnover and grew underlying sales 5.1%, with 3.8% from volume and 1.3% from price. India grew 1.2%, with stronger volumes partially offset by price. Lower input costs led to negative price, while volumes in India sequentially improved throughout the first half, reaching 3.8% in Q2. Latin America grew 8.8%, with continued strong volume growth across the region. Africa and Turkey delivered broad-based, double-digit growth, driven by strong volume and price.
South East Asia
Growth in South East Asia was adversely impacted by a sales decline of -5.7% in Indonesia, where some consumers avoided the brands of multinational companies in response to the geopolitical situation in the Middle East. China declined mid-single digit, due to market weakness across all categories apart from food service.
Developed markets
Accountable for 41% of Group turnover, developed markets grew underlying sales 2.8% with 0.8% from volume and 2.0% from price. The return to positive volume growth reflected a continued resilient performance in North America and a marked volume improvement in Europe, up 2.2% in Q2. As expected, price growth continued to moderate from the peak in Q2 2023.
You can view our first half results in more detail here.