Coca-Cola HBC, the London and Athens-listed bottler for Coca-Cola, has reported a higher pretax profit for the first half of 2023. The company’s strong performance was driven by improvements in price and mix, surpassing market expectations.
Financial Results
- Pretax profit for the six months ending June 30 was 527.6 million euros (EUR), compared to EUR234.4 million during the same period last year. This exceeded the EUR478.0 million forecasted by the company’s consensus.
- Net sales revenue increased to EUR5.02 billion from EUR4.21 billion, slightly below the expected EUR5.05 billion.
Factors Contributing to Growth
Coca-Cola HBC attributed its growth to the effective delivery of price and mix improvements across all categories and segments. The company’s focus on careful price and mix management, supported by data, insights, and analytics, has resulted in improved revenue per case.
Organic Volume Growth
Although overall organic volume growth declined by 1.0%, it remained resilient considering the challenging consumer environment. Analysts had predicted a slightly larger fall of 0.8%.
CEO’s Statement
Zoran Bogdanovic, Chief Executive of Coca-Cola HBC, commented on the company’s performance, stating, “While some markets continue to face a challenging consumer environment, revenue per case has been improved through careful price and mix management enhanced by data, insights, and analytics. At the same time, volumes have remained resilient which is testament to the quality of our execution.”
