Apple Revenue Up 54% In March Quater, Records New All-Time High

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Apple Revenue Up 54% In March Quater, Records New All-Time High

Apple today announced financial results for its fiscal 2021 second quarter ended March 27, 2021. The Company posted a March quarter record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40. International sales accounted for 67 percent of the quarter’s revenue.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers, seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping the focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world.

That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”

“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” said Luca Maestri, Apple’s CFO.

“These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”

Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock, an increase of 7 percent. The dividend is payable on May 13, 2021, to shareholders of record as of the close of business on May 10, 2021. The board of directors has also authorized an increase of $90 billion to the existing share repurchase programme.

Apple will provide live streaming of its Q2 2021 financial results conference call beginning at 10:00 p.m. GMT / 2:00 p.m. PT on April 28, 2021 at apple.com/investor/earnings-call. This webcast will also be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

 

Exxon Mobil Corporation Declares Q2 Dividend

Esan Bolaji
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Exxon Mobil Corporation Declares Q2 Dividend

The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of $0.87 per share on the Common Stock, payable on June 10, 2021, to shareholders of record of Common Stock at the close of business on May 13, 2021.

This second-quarter dividend is at the same level as the dividend paid in the first quarter of 2021.
Through its dividends, the corporation has shared its success with its shareholders for more than 100 years.

Seplat Petroleum Development Company Proposes Change of Company Name To Seplat Energy

Esan Bolaji
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Seplat Petroleum Development Company Proposes Change of Company Name To Seplat Energy

Seplat Petroleum Development Company Plc (Seplat), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, is proposing to simplify its name to Seplat Energy.

The company made this announcement its unaudited results for the three months ended 31 March 2021.

Why the change of name?

The company is seeking shareholder approval at the AGM on 20 May 2021 to change its name to Seplat Energy PLC to reflect the evolving strategy around the future direction of the Company.

Q3'20 Earnings Preview: Seplat - Oil price recoveries to cushion Q3 turnover

Roger Brown, Chief Executive Officer, said:

“We are seeking shareholder approval to change our name to Seplat Energy PLC to reflect the future direction of the Company. The change of name will be accompanied by a new corporate brand identity that we plan to unveil at the Seplat Energy Summit in September.

Before that, we intend to host a Capital Markets Day on 29 July 2021 to outline the Company’s strategic direction and its plans to develop its New Energy business.”

Seplat Grew Revenue By 16.8% to $152.4M in Q1 2021

  • Board adopts quarterly dividend policy; declares Q1 2021 dividend of US2.5 cents per share
  • Revenue up 16.8% to $152.4 million
  • EBITDA of $77.8 million
  • Cash at bank $236.3 million, net debt of $458.1 million
  • The successful issue of $650 million 7.75% senior notes to redeem existing $350 million 9.25% senior notes and repay $250 million drawn on $350 million RCF
  • Refinanced $100 million Westport RBL facility
  • Total capital expenditure of $32.6 million

Seplat Grew Revenue By 16.8% to $152.4M in Q1 2021

Esan Bolaji
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Seplat Grew Revenue By 16.8% to $152.4M in Q1 2021

29 April 2021: Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, today announces its unaudited results for the three months ended 31 March 2021.

Operational highlights

  • Working-interest oil and production within guidance at 48,239 boepd
  • Average daily volumes of nearly 54,000 boepd achieved in the first 21 days of April
  • Liquids production of 28,541 bopd in Q1 2021
  • Gas production of 114 MMscfd (19,698 boepd)
  • Low unit cost of production of $8.70/boe
  • Oben-50 gas well now producing, Oben-51 drilled and completed with gas expected to flow in May
  • Safety record extended to more than 17 million hours without LTI on Seplat-operated assets

Financial highlights

  • Board adopts quarterly dividend policy; declares Q1 2021 dividend of US2.5 cents per share
  • Revenue up 16.8% to $152.4 million
  • EBITDA of $77.8 million
  • Cash at bank $236.3 million, net debt of $458.1 million
  • The successful issue of $650 million 7.75% senior notes to redeem existing $350 million 9.25% senior notes and repay $250 million drawn on $350 million RCF
  • Refinanced $100 million Westport RBL facility
  • Total capital expenditure of $32.6 million
Fitch Affirms Seplat at 'B-'; Outlook Positive
Fitch Affirms Seplat at ‘B-‘; Outlook Positive – www.wordpress-1516176-5827464.cloudwaysapps.com

Corporate updates

  • Seeking shareholder approval at the AGM on 20 May 2021 to change name to Seplat Energy PLC to reflect the evolving strategy
  • ANOH project now fully funded following successful $260 million debt issue
  • Plan to host Capital Markets Day on 29 July 2021

Outlook

  • Expected production unchanged at 48-55 kboepd for full year, subject to market conditions
  • Capex guidance unchanged, expected to be $150 million for the full year
  • 5.0MMbbls hedged at $35-$45/bbl from Q2 to Q4 2021

Roger Brown, Chief Executive Officer, said:

“We have made a progressive start to the year, delivering oil and gas production volumes of 48,239 boepd, within our guidance range. With the Gbetiokun field at OML40 now back in production, we are currently achieving average daily volumes of nearly 54 kboepd so far in April and we will build on this as we add additional oil and gas wells this year.

Our flagship ANOH gas project is proceeding as planned and was fully funded in February when our joint venture company, AGPC successfully raised $260 million of debt financing. In addition, the success of our $650 million Eurobond issuance in March demonstrates investor confidence in our prudent financial management and the exciting future ahead for the Company and its stakeholders.

As we drive forward our strategy of being a low-cost energy provider delivering reliable, affordable and sustainable energy to the young, fast-growing population of Nigeria, energy transition – which delivers on Nigeria’s social development goals in tandem with the climate agenda – is essential.

This is the backbone of Seplat’s strategy and we will be communicating how we plan to achieve this over the coming months. To that end, the Board took the decision to change our name to Seplat Energy PLC, which more adequately reflects our ambitions of providing a broader energy mix. We will present the name change to our shareholders for approval at the AGM on 20 May 2021.”

Outlook for 2021

For 2021 we expect to produce an average of 48,000 – 55,000 boepd, taking into account the impact of OPEC+ quotas. We continue to hedge against oil price volatility and expect a higher proportion of revenues to come from long-term gas contracts at stable prices.

We have significant cash resources and will continue to manage our finances prudently in 2021, expecting to invest $150 million of capital expenditure across the full year, with nearly $33 million already invested. We remain confident that our ongoing cost-cutting initiatives and prudent management of cash will enable further reductions in debt, whilst supporting dividend payments and investment for growth.

Following its successful funding, the completion of the ANOH project remains a major priority. Although we expect some COVID-19 related delays to push completion into early 2022, following a cost optimisation programme we now expect the project to cost no more than $650 million, substantially below the $700 million budget previously stated at Final Investment Decision.

Proposal to change the name to Seplat Energy PLC

We are seeking shareholder approval to change our name to Seplat Energy PLC to reflect the future direction of the Company. The change of name will be accompanied by a new corporate brand identity that we plan to unveil at the Seplat Energy Summit in September. Before that, we intend to host a Capital Markets Day on 29 July 2021 to outline the Company’s strategic direction and its plans to develop its New Energy business.

Adoption of quarterly dividend

On 28 April 2021, the Board approved the payment of quarterly dividends, commencing with an interim dividend of US2.5 cents, in a change to Seplat’s previous policy of declaring dividends twice a year in the Q3 results and the full-year results. The change in policy is intended to provide more frequent returns to shareholders.

Seplat — A Silver Lining Amidst The Uncertainty

FG Declares Monday Public Holiday To Mark International Workers’ Day

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FG Declares Monday Public Holiday To Mark International Workers’ Day

The Federal Government of Nigeria has declared Monday, May 3, 2021, a public holiday to mark this year’s International Workers’ Day celebration.

The Minister of Interior, Ogbeni Rauf Aregbesola made the declaration on behalf of the Federal Government, congratulated Nigerian workers for witnessing this year’s workers’ day celebration.

He commended them for their patience, understanding, and support in driving the policies and programmes of the regime of the President, Major-General Muhammadu Buhari (retd.), “in its determination to move the country to the next level of socio-economic development.”

Aregbesola in a statement on Thursday by the Permanent Secretary, Ministry of Interior, Shuaibu Belgore, called for more dedication and patriotism from all Nigerian workers and the labour unions, saying “the challenges of the moment will soon be over as the government is committed to the security of lives and property of all Nigerians.”

The statement was titled, ‘FG declares Monday, May 3, 2021, public holiday to mark 2021 workers’ day celebration.

The minister added, “Government is putting all strategies in place to curb the challenges of insecurity in the country. I, therefore, call on the labour force and all patriotic citizens to be fully committed to the task of putting insecurity to a permanent end as much as possible.”

Samsung Profits Improve In Q1 On Demand Smartphone, TV Sales

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Samsung Profits Improve In Q1 On Demand Smartphone, TV Sales

Samsung Electronics has announced that its operating profit for the last quarter jumped 46% from a year earlier driven by increased sales of smartphones and televisions as its business continues to flourish amid the pandemic.

The South Korean tech giant also said its quarterly revenue of 65.39 trillion won ($59 billion) was its highest for the first three months of the year.

The company’s operating profit of 9.38 trillion won ($8.5 billion) would have been higher it not for an underperforming semiconductor business, which was impacted by a storm-related shutdown at its chip plant in Austin in February and declining prices of NAND memory chips.

Samsung said it expects its chip business to rebound in the current quarter, driven by stronger demands in servers and a resumption of full operations at its Austin plant. However, the company expects its profit from mobile devices to decline during the period due to supply shortages of some components and slowing sales of its flagship smartphones.

First-Samsung-Mobile-Store_4- Photo Source Samsung Global Newsroom-Brand Spur Nigeria
First-Samsung-Mobile-Store_4- Photo Source: Samsung Global Newsroom

Samsung said its TV business could possibly benefit from major sporting events, such as the UEFA Euro 2020 soccer tournament and the Tokyo Summer Olympics, but that the continued spread of COVID-19 and lockdowns were creating uncertainties.

The company said global demand for its TVs could slow in the second half of the year, due to a “switch of demand from home entertainment to outdoor activities as more countries reach herd immunity” as their populations are vaccinated.

Employees are reflected on revolving door windows with logos of the Samsung Electronics Co. at its office in Seoul, South Korea Wednesday, April 28, 2021. Samsung Electronics said Thursday its operating profit for the last quarter jumped 46% from a year earlier driven by increased sales of smartphones and televisions as its business continues to flourish amid the pandemic.

“For the second half, market conditions (are) expected to improve for the component business with the company continuing to extend product and technology leadership,” Samsung said in a statement. “However, global macroeconomic risks, including uncertainties over demand related to COVID-19, are likely to persist.”

Samsung is coming off a robust business year, with its dual strength in parts and finished products allowing it to benefit from the pandemic and the prolonged trade war between the United States and China.

Samsung’s semiconductor business benefited from increased demand for PCs and servers as virus outbreaks forced millions of people to stay and work at home. U.S. sanctions against China’s Huawei Technologies have meanwhile hindered one of Samsung’s biggest rivals in smartphones, components, and equipment.

Samsung has shown no obvious sign of trouble related to the imprisonment of its vice chairman and de facto chief, Lee Jae-yong. He is serving a 2 1/2-year sentence for bribing then-President Park Geun-hye and her close confidante to win government support for a 2015 merger between two Samsung affiliates.

A visitor tries out Samsung Electronics’ notebooks at its shop in Seoul, South Korea Wednesday, April 28, 2021. Samsung Electronics said Thursday its operating profit for the last quarter jumped 46% from a year earlier driven by increased sales of smartphones and televisions as its business continues to flourish amid the pandemic.

Kaspersky Research: Mobile Threats Not To Be Taken Lightly

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Kaspersky Research: Mobile Threats Not To Be Taken Lightly

…As One of Every 100 Mobile Users In Kenya And Nigeria Is Affected By Stalkerware

With Kaspersky research showing that stalkerware affected one out of every 100 mobile users in Kenya and Nigeria in 2020 and malware every four out of 100 in South Africa, consumers must remain vigilant when it comes to their online activities if they are to keep themselves safe from the growing threat of cyberattacks.

“Even though these numbers might seem low, especially when it comes to stalkerware, it bears mentioning that this form of attack is focused on specific individuals. So, unlike general malware that is distributed on a massive scale, stalkerware is a more personal crime that has life and death consequences for the individual affected, for example, a perpetrator can track down their estranged partner with ill intentions, or human trafficking rings targeting children,” says Lehan van den Heever, Enterprise Cyber Security Advisor for Kaspersky in Africa.

Amongst other things, stalkerware can enable the perpetrator to track a victim’s location, read their messages, view their photos and videos, eavesdrop on telephone conversations, and see everything typed on the keypad.

“Our research shows that almost 54 000 (https://bit.ly/3xx8x2h) users globally were affected by stalkerware apps in 2020. The fact that these are growing momentum in Africa should be cause for concern. And even though South Africa has not been affected by these attacks yet, it is only a matter of time before mobile users in the country start experiencing the dangers of stalkerware,” he says.

To help combat this, Kaspersky released the TinyCheck (https://bit.ly/3xuBYCe) tool designed to find stalkerware without its operator knowing. It has recently been updated to help uncover all types of geo-tracking apps that identify people’s movements using their GPS data.

“Over and above the threat of stalkerware, our research shows that malware and adware, although again rather low, still remain cyberthreats that we urge users in South Africa, Kenya and Nigeria to be cognisant of and protect against,” adds van den Heever.

Kaspersky’s analysis of mobile threats in 2020 shows that in Kenya 7% of users were affected by malware, and 13% by adware. In Nigeria, the situation is similar, also showing that 7% of users were impacted by malware and 17% by adware. In South Africa, 4% of users were targeted with malware and 7% with adware.

“While we advocate that mobile users must protect their devices with a strong password, they should also never leave their phones unattended. Furthermore, it is important to block the installation of apps from third-party sources in their device settings and install a reliable mobile antivirus solution that detects and warns them about stalkerware and other malware. Lastly, do not click on links in spam emails,” concludes van den Heever.

Airtel Africa Appoints Olusegun Ogunsanya as MD/CEO; Raghu Mandava Retires

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Airtel Africa Appoints Olusegun Ogunsanya as MD/CEO; Raghu Mandava Retires

29 April 2021: Airtel Africa plc, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces Olusegun “Segun” Ogunsanya, Managing Director and CEO Nigeria is to succeed Raghunath “Raghu” Mandava, as Managing Director and Chief Executive Officer following Raghu Mandava’s informing the Board of his intention to retire.

Segun Ogunsanya will join the Board of Airtel Africa plc with effect from 1 October 2021.

Airtel Africa Appoints Olusegun Ogunsanya as MD CEO; Raghu Mandava Retires Brandspur
Olusegun Ogunsanya | Brand Spur Nigeria

Segun Ogunsanya joined Airtel Africa in 2012 as Managing Director and CEO Nigeria and has been responsible for the overall management of our operations in Nigeria, our largest market in Africa.

Segun has more than 25 years of business management experience in banking, consumer goods and telecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank Transnational Inc, covering 28 countries in Africa. He is an electronics engineer and also a chartered accountant.

Raghu Mandava will be retiring as Managing Director and Chief Executive Officer, as a Director of Airtel Africa plc and as a member of the Market Disclosure Committee on 30 September 2021.

Arrangements have been made to ensure a smooth transition of responsibilities. Following his cessation of employment at Airtel Africa, Mr. Mandava will be available to advise the Chairman, the Airtel Africa Board and the Managing Director and Chief Executive Officer for a 9-month period.

Appointment of Chief Financial Officer to the Board

Jaideep Paul, Chief Financial Officer has been appointed as an Executive Director and will join the Board of Airtel Africa plc with effect from 1 June 2021.

Appointment of Managing Director and CEO Nigeria

An announcement naming Segun Ogunsanya’s successor as Managing Director and CEO Nigeria will be made soon.

Sunil Bharti Mittal, Chairman said:

“We are delighted to appoint Segun Ogunsanya as the Group’s next Chief Executive Officer. He has displayed significant drive and energy in turning around the Nigeria business by focusing on network modernisation, distribution, and operational efficiency. It is this commitment, together with his industry experience, strategic vision, constant customer focus and proven record of delivery that will enable him to continue to deliver our strategic objectives and to lead the Group in the next stages of its development.”

On behalf of the Board, I would like to thank Raghu Mandava for being instrumental in successfully leading and transforming Airtel Africa into powerhouse telecommunications and mobile money company. Throughout that time, Raghu has worked tirelessly first to repair and then to strengthen Airtel Africa’s business and to champion our stakeholders. As we look forward to Segun assuming his new role in October 2021, we do so from a position of great strength as a result of Raghu’s highly effective stewardship. Raghu will retire from the Board with our very best wishes and sincere appreciation for everything he has achieved.”

Raghu Mandava said:

“I am thankful to Airtel Africa for providing me and my team the opportunity to transform the business and fulfil our responsibility to the countries in which we operate. It has been a privilege to serve in the African continent and I cherish my time here. Airtel Africa is a remarkable business with fantastic people. Having been at Bharti Airtel for 13 years and at Airtel Africa for 5 years as Chief Executive Officer, I feel now is the right time to take a sabbatical.

The last five years have been an exhilarating journey where we have been able to turn around and transform the business into strong high growth and profitable company. We have been able to build the business with our unique management and problem-solving approach to bring in substantial performance improvement. I am very proud of what we have achieved over the past 5 years in Africa, and I look forward to seeing the Company make even greater progress over the coming years.”

Segun Ogunsanya said:

“Having been part of the Airtel Africa journey for the past nine years, I am looking forward to taking up the role of Chief Executive Officer. On a personal note, as an African, I feel honoured to have the opportunity to lead a group that continues to make a difference to millions of people, bridge the digital divide and expand financial inclusion.

This is an exciting opportunity to position Airtel Africa for further success in a dynamic continent full of potential. I look forward to building on the achievements of the last five years during Raghu’s leadership.”

Trouble Looms As CBN Query Removal Of FirstBank MD/CEO

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Trouble Looms As CBN Query Removal Of FirstBank MD/CEO

The Central Bank of Nigeria (CBN) has issued the Board of FirstBank Ltd, a query for the removal of its MD/CEO.

Brand Spur Nigeria recalls that the Board of Directors of First Bank through Ibukun Awosika announced the appointment of Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO).

Barely 24 hours after the announcement, CBN queried First Bank expressing concern that the appointment of Shobo was done without the approval of the apex bank.

CBN said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr. Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”

The CBN also claimed that the tenure of Mr. Adedutan was yet to expire (bank MDs have a maximum of 10 years) and that they were also not aware of any misconduct of the former MD and as such there was no justification for his removal.

“Given that the tenure of Dr. Adeduntan is yet to expire and the CBN was not made aware of any report from the Board indicting the Managing Director of any wrong-doing or misconduct, there appears to be no apparent justification for the precipitate removal.”

However, sources within the bank informed Nairametrics that First Bank has a maximum of 6 years tenure for its MDs in line with its succession plans. They also claimed the CBN is meddling in its internal affairs as the removal of the MD is in line with its succession plans and also does not exceed CBNs maximum of 10 years.

“First Bank followed its corporate governance framework in its change of leadership and appointment of new executive directors. No Managing Director in the 127 years history of FirstBank has ever attempted a tenure extension. Why now?”

Brand Spur Nigeria reports that as at the time of filing this report First Bank management is yet to issue an official reaction to CBN’s query.

Further details coming soon…..

Unilever Q1 Underlying Sales Rise 5.7%, Emerging markets Grew 9.4%

Esan Bolaji
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Unilever Q1 Underlying Sales Rise 5.7%, Emerging markets Grew 9.4%

First-quarter results: operational excellence is delivering improved competitiveness

Today, Unilever announced its results for the first quarter of 2021. Underlying sales are up 5.7%, reflecting how our continued focus on operational excellence is delivering improved competitiveness.

  • Underlying sales growth of 5.7%, with 4.7% volume and 1.0% price
  • Turnover decreased by 0.9%, driven by a negative currency-related impact of 8.0%
  • Quarterly shareholder dividend of €0.4268 per share and share buyback programme of up to €3 billion to commence in May

Unilever Third quarter growth led by emerging markets and Home Care Omo brandspur

Comment from CEO Alan Jope

“Unilever has made a good start to the year. Our focus on operational excellence, innovation and purposeful brands is continuing to strengthen competitiveness and has delivered underlying sales growth of 5.7% for the quarter.

“We are driving the evolution of our portfolio, with strong growth in Prestige Beauty and Functional Nutrition. The operational separation of our Tea business is on track. We are also making good progress in creating a new unit, Elida Beauty, comprising a number of our smaller beauty and personal care brands.

“We are confident that we will deliver underlying sales growth in 2021 within our multi-year framework of 3-5%, with the first half around the top of this range. We expect to increase the underlying operating margin slightly for the full year, though with a decline in the first half driven by Covid-19 impacts, higher cost inflation and increased marketing spend over the prior year. Following another year of strong cash flow delivery, Unilever’s Board has approved a share buyback programme of up to €3 billion.

“We are committed to delivering superior long-term financial performance through our sustainable business model, which we believe has never been more relevant than it is today.”

Markets

The operating environment remains volatile across our broad geographic footprint. Fluctuating Covid-19 case levels and markets entering and exiting lock-downs continue to impact consumer behaviour and channel dynamics. In North America and Europe, strong demand for in-home food has continued, while demand for most beauty and personal care categories has remained subdued.

Conditions in China are normalising. Economic activity in India increased in the first quarter, although parts of the country have recently returned to lock-down as a result of sharply rising Covid-19 cases. Markets grew in Latin America in the first quarter, despite macroeconomic conditions remaining volatile, and market conditions in South East Asia remain challenging.

Unilever overall performance and outlook

We continued to focus on operational excellence, which is delivering improved competitiveness. Underlying sales growth was 5.7% with 4.7% from volume and 1.0% from the price.

Emerging markets grew 9.4% driven by strong double-digit growth in China and India, following strict lock-downs in the prior year. Latin America grew high-single-digit while South East Asia declined, driven by Indonesia. Developed markets grew 0.8%, with mid-single-digit growth in North America offset by a decline in Europe, where volumes were impacted by lock-downs and we began to lap higher demand for food and hygiene products. E-commerce continued to perform strongly, with underlying sales growth of 66% and represented 11% of turnover.

Turnover decreased 0.9%. There was a negative impact of 8.0% from currency-related items. Acquisitions net of disposals, including acquired functional nutrition brands Horlicks, Liquid I.V. and SmartyPants Vitamins, had a positive impact of 1.9%.

In 2021 we expect to deliver underlying sales growth within our multi-year framework of 3-5%, with the first half at around the top of this range. We expect the underlying operating margin to increase slightly in the full year, following a decline in the first half which is driven by a number of factors. Covid-19 continues to cause additional supply chain costs and a negative margin mix. Commodity and freight costs have increased further and we will be lapping lower marketing spend in the first half of last year.

We will commence a share buyback programme of up to €3 billion in May, in one or more tranches, to be completed by the end of the year. This reflects our strong cash flow delivery and balance sheet position and is in line with our capital allocation framework. A further announcement will be provided before trading begins.

The operational separation of Unilever’s Tea business – excluding India and Indonesia and the partnership interests in the ready-to-drink tea joint ventures – is progressing well and is expected to complete this year. We continue to evaluate the most value-creating model, including an IPO, a demerger, a joint venture or disposal, and we have also appointed an external CEO to lead this business into its next phase. The business that will be separated generated revenues of around €2 billion in 2020.

The separation of a number of smaller beauty and personal care brands is also underway. These brands, which are predominantly sold in Europe and North America, will operate under the name Elida Beauty and will benefit from a dedicated management focus. The brands include Q-Tips, Caress, TIGI, Timotei, Impulse and Monsavon, and together generated revenues of around €0.6 billion in 2020.

Beauty & Personal Care

Beauty & Personal Care underlying sales grew 2.3%, with 1.5% from volume and 0.8% from the pricing.

Skin cleansing grew mid-single digit, with growth in the first two months followed by a decline in March as we started lapping a sharp increase in demand for hygiene products. We rolled out Dove’s Care & Protect innovation across the Americas, Europe and India, with new technology bringing together hygiene and long-lasting moisturisation across formats.

Skincare and hair care both grew mid-single digit. In hair, wash & care growth was driven by strong performance in China and India, which was partly offset by a decline in styling, as restricted living continued to weigh on usage occasions.

Deodorants declined high-single-digit as the deodorants market was also impacted by lower consumer usage.

Our Prestige business grew strong double-digit, helped by the gradual restocking and reopening of brick and mortar stores in the US. Our Hourglass brand launched a 100% vegan red lipstick formulated with a patent-pending pigment replacing the industry standard, which is produced from crushed beetles.

Home Care

Home Care underlying sales grew 5.9%, with 6.5% from volume and a negative price of 0.6%.

Fabric cleaning and fabric enhancing grew mid-single digit, led by a recovery in India as consumers returned to offices and schools. We continued the rollout of our new ‘tougher on stains, kinder to the planet’ plant-based innovation under the Omo brand.

Home & hygiene grew mid-single digit as demand for surface cleaners remained elevated, albeit declining in March as we started lapping high growth at the start of the pandemic in 2020. We expanded the rollout of our Domestos multi-surface germ kill innovation, launching new formats into India, Turkey and the UK.

Price declined after we passed on the benefits of lower commodity costs in the second half of 2020, and due to promotional activity in Europe.

Foods & Refreshment

Foods & Refreshment underlying sales grew 9.8%, with 7.3% from volume and 2.3% from the pricing.

Out-of-home ice cream returned to growth, with a strong performance in emerging markets offsetting declines in Europe due to ongoing lock-down restrictions which have impacted the buy-in for the summer season. In-home ice cream grew double-digit as demand for food consumed at home remained high. The Magnum brand launched its new Double Gold Caramel Billionaire innovation in stick and pint formats. Tea saw volume and price growth.

Despite in-home foods seeing a decline in March, as we lapped a spike in demand in the prior year, sales in the quarter were up mid-single digit as consumers continued to eat more at home due to restricted living conditions. The food solutions business grew low single-digit, with growth in China offsetting declines in markets impacted by channel closures. Our Hellmann’s brand grew double-digit and communicated its purpose to fight food waste with the brand’s first-ever advert during the US Super Bowl.

Price growth of 2.3% was led by tea, as we increased prices in India in response to significant commodity inflation. In addition, we took strong pricing action in foods and ice cream in Latin America, following high inflation and currency devaluation.

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