1st Nov 2023 09:46
(Alliance News) - Coca-Cola Europacific Partners PLC on Wednesday hailed a revenue rise boosted by Europe despite mixed summer weather.
The Uxbridge, England-based company is the bottling partner for Coca-Cola in 29 countries.
The company reported in the third quarter that ended on September 29, revenue rose 1.5% year-on-year to EUR4.81 billion. Revenue in Europe rose 3.5% to EUR3.96 billion.
Germany saw the largest growth, of 9.0% to EUR800 million, followed by Iberia, which includes Spain, Portugal and Andorra, climbing 6.0% to EUR1.03 billion, while Great Britain grew 3.0% to EUR853 million, with revenue in France and Monaco rising by 3.0% as well to EUR586 million. In Northern Europe, revenue declined 4.5% to EUR688 million, with the company citing mixed summer weather in 2023.
Revenue in the API region fell 8.0% to EUR851 million.
The company's API region includes Australia, New Zealand & the Pacific Islands, Indonesia & Papua New Guinea.
Coca-Cola EP declares a second-half dividend of EUR1.17 per share, up 4.5% from EUR1.12 a year prior.
Chief Executive Officer Damian Gammell said that the company "delivered top line growth despite mixed summer weather across Europe and the ongoing execution of our long-term transformation strategy in Indonesia. We delivered fantastic activation, including during the Women's World Cup, supporting strong underlying volume growth in Australia and New Zealand."
Looking ahead, CEO Gammell said: "We remain confident in the resilience of our categories, despite ongoing macroeconomic and geopolitical volatility. We continue to actively manage our pricing and promotional spend to remain affordable and relevant to our consumers, alongside our focus on productivity and free cash flow."
Coca-Cola EP shares were flat at EUR55.28 each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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