5th Nov 2024 10:50
(Alliance News) - Coca-Cola Europacific Partners PLC on Tuesday upped its full-year dividend following a positive period of third-quarter trading.
The Uxbridge, London-based bottling company and beverage distributor for Coca-Cola Co said its revenue grew 12% to EUR5.36 billion from EUR4.81 billion the year prior, bolstered by its performance in Australia, Pacific and Southeast Asia.
Revenue in APS grew 55% on-year to EUR1.32 billion from EUR851 million with regional robustness driven by the Philippines helping to offset softer volumes in Europe. On an adjusted basis APS revenue grew 3.2%.
In February, the company announced it completed its GBP1.8 billion acquisition of Coca-Cola Beverages Philippines Inc from Coca-Cola Co. to allow it to further expand into the Australian, Pacific and Indonesian markets.
Its European division realised modest revenue growth of 2.1% to EUR4.04 billion from EUR3.96 billion following softer consumer demand and mixed summer weather.
The firm declared a 7.1% increase in its full-year dividend per share to EUR1.97 from EUR1.84 the year prior.
Despite year-to-date revenue increasing 10% to EUR15.19 billion from EUR13.78 billion the year prior, the firm revised down its full-year revenue expectations to 3.5% from 4% noting financial year 2024 is "more balanced between volumes and price/mix" than financial year 2023.
The firm reaffirmed its full-year profit and cash guidance for financial year 2024.
Coca-Cola Europacific Chief Executive Damian Gammell said: "2024 continues to be a solid year for CCEP. We've grown volume and revenue year-on-year and share ahead of the market. Our geographic diversification means we are more robust with APS, led by the Philippines, offsetting softer volumes in Europe.
"We are well placed for 2025 and beyond. We continue to invest for the long-term and are confident that we have the right strategy, done sustainably, to deliver on our mid-term growth objectives.
"Combined with today's dividend declaration, this demonstrates the strength of our business and our ability to grow shareholder returns."
Shares Coca-Cola EP are down 1% at 5,940p on Monday morning in London.
By Christopher Ward, Alliance News reporter
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