14th Feb 2025 10:58
(Alliance News) - Coca-Cola Europacific Partners PLC on Friday announced a share buyback programme of up to EUR1.00 billion as it reported increased revenue in 2024.
The Uxbridge, London-based bottling company and beverage distributor for Coca-Cola Co in 31 European and Asian-Pacific countries said in 2024 revenue rose 12% to EUR20.44 billion from EUR18.30 billion in the previous year.
Pretax profit fell 12% to EUR1.94 billion from EUR2.20 billion in 2023.
In the same period, cost of sales climbed 14% to EUR13.23 billion from EUR11.58 billion.
Chief Executive Officer Damien Gammell said: "2024 has been another solid year for CCEP with continued robust top and bottom-line growth. Our geographic diversification, reinforced by the Philippines, means we are even more resilient."
The company said it intends to buy back up to EUR1.00 billion of shares, starting on Tuesday. The buyback programme is expected to be completed by the end of February 2026.
Diluted earnings per shares were down 15% to EUR3.08 from EUR3.63 in the previous year.
The full-year dividend per share was EUR1.97, up 7.1% from EUR1.84 in 2023.
CEO Gammell said: "We've grown share ahead of the market, created value for our customers, delivered underlying volume growth and gains in revenue per unit case through revenue and margin growth management. Actively managing pricing and promotions across our broad pack offering ensures we are relevant to all consumers, while driving profitable revenue growth."
Looking ahead, the company said it expects revenue growth of around 4% in 2025, balance between volume and revenue per unit case. It expects cost of sales per unit case to rise by approximately 2%.
Gammell said: "We are well placed for 2025 and beyond in categories that are growing, with strong investment and commercial plans in place to drive growth. We are confident that we have the right strategy, done sustainably to deliver on our mid-term growth objectives.
"Our FY25 guidance, combined with the resumption of share buybacks, demonstrate the strength of our business and our ability to deliver continued shareholder value. We have the platform and momentum to go even further while continuing to be a great partner for our customers and a great place to work for our colleagues."
Shares in Coca-Cola Europacific Partners were up 0.9% to 6,640.00 pence in London on Friday morning.
By Michael Hennessey, Alliance News reporter
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