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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 €8.28 billion from €5.92 billion. Pretax profit almost doubled, to €898 million from €455 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 €52.40 pence on Thursday morning in London.
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