Unilever, the maker of Marmite and Magnum ice cream, confirmed today that it was considering the sale of its Bertolli olive oil business as it reported a 7.2 per cent rise in first quarter sales.

The Anglo-Dutch company, the world’s third largest maker of consumer goods, said it was considering a range of options for the Bertolli range of oils, including a sale, which it is thought could raise as much as €600 million.

A spokesman said Unilever would want to retain brand rights as it also sells a range of other Bertolli products, including pasta sauces.

If sold, Bertolli, the world's leading olive oil brand with products currently sold in over 50 countries, would be the latest in a string of disposals by Unilever, which is seeking to simplify its range of products as part of a wider restructuring drive.

Earlier, Unilever appeared to raise hopes that a long-standing turnaround plan at the company was starting to reap rewards as it reported turnover rose 6 per cent at €9.57 billion.

It said the results had been boosted by strong sales of tea, ice cream and laundry products. Sales growth in Russia, Mexico, Brazil and the UK were particularly strong, the company.

Chief executive Patrick Cescau shrugged off concerns about a global economic slowdown, saying it had been a “good start to the year with underlying growth across our categories”.

Pre-tax profit rose by 39 per cent to €1.78 billion. Net profit also rose by 39 percent to €1.41 billion, although the figures were distorted by the €517 million proceeds from the sale of Unilever’s Boursin cheese business and the extension of its Pepsi/Lipton joint venture for ready-to-drink tea.

Graham Jones, analyst at Panmure Gordon, said the results were “better than expected”. He said the growth in sales had been achieved by raising prices without affecting overall volumes.

Unilever achieved a 0.30 per cent improvement in its operating margin, exceeding expectations of 0.20 per cent, despite being hit by a €400 million or 4.2 per cent increase in commodity costs during the quarter.

The company indicated it expects an underlying improvement in operating margin across the full year “despite challenging conditions”.

Nevertheless, Unilever’s 7.2 per cent growth in sales still lags behind European rivals like Nestle of Switzerland, which reported a 9.8 per cent increase and Groupe Danone of France with 11.4 per cent.

Unilever has been battling to implement a programme of cost cuts and restructuring in recent years and has already axed tens of thousands of jobs in an effort to reform a previously convoluted management structure.

The company formerly featured two chairman-chief executives, three executive committees and often three or more subsidiaries in each country in which it operated.

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