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Coca-Cola Europacific Partners ups annual outlook as profit doubles

4th Aug 2022 11:48

(Alliance News) - Coca-Cola Europacific Partners PLC on Thursday said it delivered a "great" first half of 2022 as revenue and profit both surged by double-digit percentages, and it raised annual guidance in response.

In the six months that ended July 1, the Uxbridge, England-based soft drinks bottler said revenue jumped 40% to EUR8.28 billion from EUR5.92 billion. Pretax profit almost doubled, to EUR898 million from EUR455 million.

Coca-Cola Europacific said it delivered more revenue growth for its retail customers than any of its fast-moving consumer peers in Europe during the period.

Coca-Cola Europacific operates in 29 countries. Last year, the company, which already covered the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway, bought Sydney-based Coca-Cola Amatil from its independent shareholders and US brand owner Coca-Cola Co. This brought in Australia, New Zealand, Indonesia, Papua New Guinea and Fiji.

CEO Damian Gammell said: "Given our strong first-half, we are raising revenue, operating profit and free cash flow guidance for FY22. This demonstrates the strength of our business and ability to deliver continued shareholder value."

Coca-Cola Europacific Partners now expects yearly pro-forma comparative revenue growth in the 11% to 13% range, lifted from previous 8% to 10% guidance. Operating profit is to climb by between 9% and 11%, and not 6% and 9% as previously guided.

The company declared an interim dividend of 0.56 cents per share, compared to none a year prior.

Shares were down 1.5% at EUR52.40 pence on Thursday morning in London.

By Xindi Wei; [email protected]

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