Coca-Cola Europacific Partners plc Announces Results for the Six Months Ended 28 June 2024

Rhea-AI Summary

Coca-Cola Europacific Partners plc (CCEP) has announced solid first-half results for 2024, reaffirming its full-year guidance. Key highlights include:

- Revenue increased by 9.5% to €9,828 million
- Comparable operating profit grew by 11.2% to €1,296 million
- Comparable diluted EPS rose by 6.7% to €1.97
- Comparable free cash flow reached €539 million
- Interim dividend per share set at €0.74

CEO Damian Gammell noted the company's strong performance in Asia Pacific, particularly in the Philippines, which offset softer volumes in Europe due to adverse weather. CCEP continues to focus on revenue growth management, pricing strategies, and productivity to drive profitable growth and remain competitive in resilient categories.

Positive

• Revenue increased by 9.5% to €9,828 million
• Comparable operating profit grew by 11.2% to €1,296 million
• Comparable diluted EPS rose by 6.7% to €1.97
• Strong performance in Asia Pacific, particularly in the Philippines
• Continued market share growth ahead of the market
• Solid gains in revenue per unit case through effective pricing and promotion strategies

Negative

• Softer volumes in Europe due to adverse weather conditions

News Market Reaction

-0.30%

1 alert

-0.30% News Effect

On the day this news was published, CCEP declined 0.30%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

UXBRIDGE, ENGLAND / ACCESSWIRE / August 7, 2024 / COCA-COLA EUROPACIFIC PARTNERS

Solid first half, reaffirming FY24 guidance

											Change vs H1 2023																Change vs H1 2023
H1 2024 Total CCEP Key Financial Metrics[1]		As Reported					Comparable[1]				As Reported				Comparable[1]				Comparable FXN[1]				Adjusted Comparable[4]				Adjusted Comparable[4]				Adjusted Comparable FXN[4]
Volume (M UC)[2]			1,856					1,856				13.8	%			13.8	%							1,957				0.6	%
Revenue per UC[2] (€)								5.32												(3.3	) %			5.19								2.9	%
Revenue (€M)			9,828					9,828				9.5	%			9.5	%			10.0	%			10,096				2.9	%			3.5	%
Operating profit (€M)			1,142					1,296				(2.4	) %			11.2	%			11.6	%			1,306				8.7	%			9.0	%
Diluted EPS (€)			1.73					1.97				(6.9	) %			6.7	%			7.0	%
Comparable free cash flow (€M)								539
Interim dividend per share (€)					0.74

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"We are really pleased to have delivered a solid first half performance reflecting great brands and great execution. I would like to thank our great people, alongside our customers and brand partners. We delivered solid top and bottom-line growth, and impressive free cash flow. The great performance of APS, led by the Philippines, offset softer volumes in Europe driven by adverse weather. This demonstrates how our geographic diversification makes us a stronger and more robust business. We continue to grow share ahead of the market and to create value for our customers. Our focus on revenue growth management, headline price and promotion strategy across a broad pack offering also drove solid gains in revenue per unit case.

"Looking ahead, we are well placed operating in categories that remain resilient. We continue to invest for growth and have strong commercial plans in place for the rest of this year and beyond to engage customers and consumers. We remain focused on driving profitable revenue growth, actively managing our pricing and promotional spend to remain affordable and relevant to our consumers, alongside our focus on productivity and free cash flow. In that context, we reaffirm our full year guidance for 2024.

"We are confident that we have the right strategy, done sustainably, to deliver on our mid-term growth objectives. Combined with our first half interim dividend, this demonstrates the strength of our business, and our ability to deliver continued shareholder value."

___________________________

Note: All footnotes included alongside the 'About CCEP' section

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SOURCE: Coca-Cola Europacific Partners plc

View the original press release on accesswire.com

FAQ

What was CCEP's revenue for the first half of 2024?

CCEP's revenue for the first half of 2024 was €9,828 million, representing a 9.5% increase compared to the same period in 2023.

How much did CCEP's comparable operating profit grow in H1 2024?

CCEP's comparable operating profit grew by 11.2% to €1,296 million in the first half of 2024.

What is the interim dividend per share announced by CCEP for H1 2024?

CCEP announced an interim dividend per share of €0.74 for the first half of 2024.

How did CCEP's performance in Asia Pacific impact its overall results in H1 2024?

CCEP's strong performance in Asia Pacific, particularly in the Philippines, helped offset softer volumes in Europe due to adverse weather conditions.

Has CCEP reaffirmed its full-year guidance for 2024?

Yes, CCEP has reaffirmed its full-year guidance for 2024 based on its solid first-half performance and confidence in its strategy.