Coca-Cola Europacific Partners has said that it expects pro forma comparable revenue growth of 11% to 13% for the full year, up from its previous forecast of 8% to 10%.
In addition, the group expects operating profit to grow 9% to 11% for the full-year period, up from its previous forecast of 6% to 9% growth.
A 'Great' First Half
The improved outlook follows what the company described as a 'great' first half of the year, in which revenue rose 40% (+17.0% on a pro forma basis), due to the acquisition of the Coca-Cola Amatil business.
Operating profit for the first half of the year was 86% higher (+29.0% on a pro forma basis), again reflecting the Coca-Cola Amatil business, along with increased revenue per unit case, the group said.
Return Of HoReCa Trade
Commenting on the business' performance, chief executive Damian Gammell note that the recovery of restaurants, pubs, cafes and bars, along with a return to travel and tourism, was a key driver of the sales uplift.
“We are pleased to have delivered a great first-half," he said. "We achieved strong top and bottom-line growth, gained value share and generated solid free cash flow.
"Our focus on core brands, leading in-market execution and headline price and mix delivered volume and revenue ahead of 2019."
Looking ahead, Gammell noted the "uncertain" economic outlook, due to macroeconomic and geopolitical volatility and higher inflation, adding that the business continues to "actively manage key levers of pricing and promotional spend across our broad pack offering, alongside our focus on efficiency.
"However, given our strong first half, we are raising revenue, operating profit and free cash flow guidance for FY22."