SINGER Miley Cyrus appears to be enjoying the cream of the crop.
The consumer goods giant Unilever, which makes Magnum ice creams, saw profits jump last year by selling slightly more products despite introducing higher prices.
It increased prices across its range by an average 6.8 per cent.
The number of items sold inched up by 0.2 per cent, helping profits to grow by 2.6 per cent to £8.45billion over the year.
However its nutrition and ice cream brands such as Magnum (promoted by Miley), Carte D’Or, Knorr and Marmite, which saw the biggest price rises, suffered a fall in sales.
In 2023 it focused on its 30 most profitable brands, such as Ben & Jerry’s, Hellmann’s and Dove, which make up three-quarters of its turnover, to boost growth.
But it was hit by consumers switching to cut-price alternatives.
Boss Hein Schumacher said: “Overall performance needs to improve.”
His comments helped shares to jump 5 per cent yesterday.
Yodel’s buy-up stalls
PARCEL delivery firm Yodel is “exploring options” after reports suggested it is looking to call in administrators after failing to find a buyer.
It employs 10,000 staff and delivers for high-profile chains such as John Lewis, Argos and AO World.
Last year, the firm delivered 191million parcels.
Yodel said: “Discussions are ongoing, constructive and are in the final stages.
“While they are ongoing, operations continue without any disruption.”
The courier firm is part of the Barclay-owned Logistics Group Holdings.
One of its biggest clients is online retailer the Very Group, which is also held by the Barclays.
The company said the Christmas season had seen record service levels.
Kindest cut
HAIR and beauty workers are begging the Government to cut VAT to save their jobs.
The Salon Employers Association warned that 5,500 businesses could close unless immediate action is taken.
It wants VAT on hair and beauty services to be slashed to ten per cent.
The hospitality sector, which benefited from a temporary five per cent VAT rate during the pandemic, has also called for a similar cut.
Toby Dicker, from the Salon Employers Association, said: “The Government awarded hospitality a cut during Covid, but disregarded our calls for the same.
“They simply cannot expect an industry that is hit so punitively by labour costs, VAT and other taxes to keep absorbing the costs.”
The industry has been shrinking alarmingly.
In 2018 there were 122,000 working in the sector, but by 2022 it had dropped to 88,000.
Mr Dicker, who runs The Chapel salon group in Kent, said: “The Government and HMRC are forcing honest businesses to go bust.”
The association’s research among salon owners showed that more than half are considering closing their doors unless the Government takes immediate action.
Mr Dicker added: “With rising costs, declining customer spending and an ongoing recruitment crisis, many salons are struggling to survive.”
An HM Treasury spokesman said: “We’ve recently extended measures to support hairdressers, including a 75 per cent reduction on their business rates — worth £2.4billion — and energy bills protection following Putin’s invasion of Ukraine.”
Electric used car sales up
SALES of used battery electric cars almost doubled last year, the Society of Motor Manufacturers and Traders said.
A record 119,000 of the vehicles changed hands in the UK in 2023, a 91 per cent increase on the previous 12 months.
SMMT said it demonstrates a “keen demand for zero emission motoring”.
Auto Trader’s Ian Plummer said: “With many second-hand models now at price parity with their fuelled counterparts, the switch to electric has never been more attractive.”
The overall used car market grew 5 per cent in 2023 with 7.2million transactions, up from 6.9million in 2022.
The market share for sales of used electric cars was 1.6 per cent, up from 0.9 per cent in 2022.
The Ford Fiesta was the most popular second-hand car in 2023, with 308,000 sales.
SMMT’s Mike Hawes said: “A healthy new car market is key to driving choice in the used sector.”
Time for a change
WATCHES of Switzerland has blamed falling sales in the UK on a so-called tourist tax — referring to the Government’s axing of VAT-free shopping for tourists in 2020.
Britain’s biggest seller of Rolex and Omega watches said sales fell 7 per cent in the last three months as it made minimal returns from tourists.
But the firm said it was “encouraged” by the news of a review of the controversial measure by the Government.
Bat smoked out
CIGARETTE and vape group British American Tobacco swung to an annual loss of £17.1billion in 2023 after its US brands suffered a £27.3billion write-down.
The Lucky Strike and Dunhill maker had made a profit of £9.3billion in 2022.
Boss Tadeu Marroco said the incoming ban on disposable vapes would not have a big impact on the group.
He said: “Because we have a modest share in disposable vapes, we would be in a stronger position because we are leaders in refillables”
Mortgage mayhem
THE number of people behind with their mortgage rose 7 per cent in the last three months of 2023.
UK Finance said 93,680 were in arrears of 2.5 per cent of their
balance, up 25 per cent on 2022.
Drug windfall
PROFITS at drugs giant Astrazeneca more than trebled last year thanks to strong cancer treatment sales.
But less impressive fourth-quarter figures led to shares falling seven per cent yesterday.
Its profits for the year hit £5.5billion, up from £1.8billion in 2022, with the last three months a relatively mere £710million.
Sales of its oncology drugs climbed a fifth and now account for two-fifths of worldwide revenues, it said.
Boss Pascal Soriot added: “We expect another year of strong growth in 2024.”