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Coca-Cola HBC AG - Steinhausen, Switzerland-based soft-drink bottling partner of Coca-Cola Co - Hosts investor day on Thursday for first time since 2019. Says that since then it has ‘refocused resources to strengthen core growth capabilities’. Tells event in Rome that it has updated its medium-term financial targets. Coca-Cola HBC says it now is targeting average annual organic revenue growth of 6% to 7%, up from previous target of 5% to 6%. It aims for average annual organic earnings before interest and tax margin expansion of 20 to 40 basis points. The company says it remains committed to a progressive dividend with a pay-out ratio of 40% to 50% of earnings per share. Coca-Cola HBC says it remains confident in the 2023 guidance it set out in its first quarter trading update earlier this month. This was for organic revenue growth above company’s 5% to 6% average growth target at the time and organic Ebit growth at top end of a negative 3% to positive 3% range. Current stock price: 2,386.00 pence, down 4.5% in London early Thursday 12-month change: up 36% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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