Coca-Cola Europacific Partners reports significant increase in pretax profit and revenue for the first half of the year, leading to upward revision of full-year guidance. The company's commitment to revenue and margin growth has yielded impressive fi...
Troy D. Hanson
August 03, 2023
Coca-Cola Europacific Partners, a London-listed bottling company, has announced a significant increase in pretax profit and revenue for the first half of the year. This strong performance has led to an upward revision of the company's guidance for the full year.
For the period ending July 1, pretax profit reached 1.10 billion euros, compared to 898 million euros during the same period in 2021. The company attributes this rise to robust volume growth in its developed markets and increased revenue per case.
Revenue for the period rose to 8.98 billion euros, up from 8.28 billion euros the previous year.
Chief Executive Damian Gammell expressed satisfaction with the results, stating, "Our focus on revenue and margin growth management, along with our price and promotion strategy, drove solid gains in revenue per unit case with transactions outpacing volume."
As a result of its strong performance, Coca-Cola Europacific Partners has revised its guidance outlook for 2023. The company now expects revenue growth of 8%-9%, up from the previous forecast of 6%-8%. Operating profit growth is projected to be in the range of 12%-13%, compared to the previous estimate of 6%-7%. Additionally, free cash flow is expected to be at least 1.7 billion euros, exceeding the prior guidance of at least 1.6 billion euros.
These positive results showcase the strength of Coca-Cola Europacific Partners' business strategy. The company's commitment to revenue and margin growth has yielded impressive financial gains and positions them for continued success in the future.