Unilever weathers stormy markets by keeping tight grip on costs

Some of the emerging markets where the food-to-detergent firm is big are sliding, but through it all the Unilever ship has sailed on

Prepare for volatility, says Unilever's chief executive, Paul Polman. If you're running a global consumer goods company, this seems a sensible basis on which to plan. The price of oil and other commodities is slippery. Some of the emerging markets where Unilever is big are sliding, as are their currencies. Last year's backdrop of "intensifying geopolitical instability", as Polman puts it, remains in place.

Investors, on the other hand, will be struck by the lack of volatility in Unilever's business, taken as a whole. Sales growth last year, measured at the underlying level, was 4.1%, which was within a percentage point of the average over the past decade. Price increases accounted for slightly less than half that increase, suggesting brands such as Dove and Magnum retain clout with consumers. Core earnings per share improved 11% at constant currencies, completing half a decade of steady improvements.