Anglo-Dutch consumer products group Unilever plc/nv saw its shares recover from an initial slump yesterday after executives reassured brokers who had taken fright at first sight of the group's interim results.

Unilever which acquired the tea firm Lyons Irish Holdings earlier this year, posted half-year profits before tax of £1.476 billion sterling ($2.41 billion), down 62 per cent compared with the previous half year.

However, the previous figures were boosted by a huge gain of £2.658 billion from the sale of its speciality chemicals business. Group net profit increased 12 per cent in sterling terms, excluding profit from the sale of speciality chemicals, to £863 million for the half-year. The figures were slightly below most brokers' forecasts, which ranged from £1.485 billion to £1.55 billion, without adjusting for exchange rates and excluding exceptional items.

The company's shares shed almost 7 per cent in early trade but recovered ground after company executives put their case to stockbrokers. By 1300 GMT Unilever shares traded in London were off 12 pence or 2 per cent at 576p. In Amsterdam the stock was off 1.8 per cent at 134.00 guilder.

"Initially when we saw the numbers it looked disappointing," said Credit Lyonnais analyst Sally Jones.