Unilever faces fresh pressure over margins as it backs down on M&A

Unilever sees 2022 underlying sales growth of 4.5%-6.5%, announces 3-bn euro buyback

Unilever warned of a big hit to profit margins this year as it struggles to pass on higher costs to consumers, and ruled out major acquisitions after investor criticism of its failed pursuit of GlaxoSmithKline's consumer health business.

Consumer goods companies are grappling with a surge in raw material, energy, transport and labour costs. Unilever is particularly exposed because of its reliance on emerging markets and food - where inflation is especially high.

The maker of Dove soap and Ben and Jerry's ice cream has recently lagged sales and profitability at rivals such as Procter & Gamble and Nestle, raising questions among