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Unilever has chosen Amsterdam over London for its ice cream business’ primary listing, in a new blow to the City of London's struggling initial public offering (IPO) market.

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Ice Cream business will be incorporated in the Netherlands ... The underlying operating margin grew by 170 basis points to 18.4%, while the gross margin expanded by 280 basis points.

Amsterdam will be the primary listing ahead of London and New York as Unilever reports annual sales growth across all categories.

This was supported by a significant increase in gross margin, up by 280 basis points versus the prior year, to 45%, exceeding the pre-COVID level in all Business Groups, except Ice Cream.