Unilever's developing aim

Unilever is pinning its hopes on the growing middle classes in Asia, Africa and Latin America as the maker of Dove soap and Magnum ice-cream warned that this year would be tough.

"Consumer demand remains sluggish, and even in emerging markets there are signs of softening. Inflation pressures are as high as 2008," Paul Polman, boss of the world's second-largest consumer-goods producer, said.

His gloomy outlook sent the shares down 3.3% this morning to 2015p. Full-year margins disappointed, drifting to 14.9% from 15% last year because of rising commodity costs.

Unilever, which also sells Sunsilk shampoo, saw net profit come in slightly below analysts' estimates at 4.25 billion (£3.5 billion). The group reported underlying sales growth of 6.5% - which was in line with forecasts of around 6.4% - and fourth-quarter growth was 6.6%, comparable with rival Procter & Gamble which last month revealed a 4% rise in sales.

In Unilever's main developed markets, including the UK, America and Germany, sales growth ranged between 1% and 4%. Polman said emerging markets, which represent 54% of the business, will continue to remain its strongest area for growth with new product launches planned. The emerging markets saw sales growth of 11.5%.

In the UK, the company has been hit by worker strikes over the planned closure of its final salary pension scheme. Its group pension deficit now stands at 3.2 billion, up from 2.1 billion at the end of 2010.