9th Aug 2023 08:36
(Alliance News) - Coca-Cola HBC AG on Wednesday reported its half-year outturn topped expectations, "despite headwinds".
The Steinhausen, Switzerland-based bottling partner of the Coca-Cola Co said net sales in the six months to June 30 were up 19% to EUR5.02 billion, from EUR4.21 billion the year before.
Earnigns before interest and tax increased 21% to EUR560.7 million, from EUR462.5 million the year prior, beating expectations. Pretax profit more than doubled to EUR527.6 million, from EUR234.4 million.
Chief Executive Officer Zoran Bogdanovic said: "It has been a very good first half of the year with progress across our strategic pillars. Our priority categories of Sparkling, Energy and Coffee, together with a strong performance across all segments, have driven organic revenues and EBIT growth ahead of expectations."
Coca-Cola HBC said it expects mid-teens full-year organic revenue growth, lifting its outlook from 5.0% to 6.0% growth previously, and Ebit growth in the range of 9% to 12% in 2023, unchanged from the previous guidance.
Revenue in 2022 totalled EUR9.20 billion.
"We delivered a better-than-expected financial performance in the first half of 2023, led by price and mix improvements, despite headwinds to our business," Coca-Cola HBC said.
"While we remain attentive to macroeconomic and geopolitical risks, we have high confidence in our broad 24/7 portfolio, the opportunities in our diverse markets, enhanced by our focus on execution and prioritised capabilities, and above all, the abilities of our talented people."
Shares in Coca-Cola HBC were up 2.6% at 2,318.00 pence in London on Wednesday morning.
By Will Neill, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved
Related Shares:
Coca-Cola HBC