Coca-Cola Europacific Partners has reported a 12.0% increase in group revenue in its first quarter, which chief executive Damian Gammell described as an "encouraging start to the year".
In its Europe business, revenue was up 12.0% to €3.145 billion, while its Asia-Pacific business was up 11.5% to €1.009 billion.
On an FX-netural basis, revenue rose 14.0% in Europe, 13.5% in Asia Pacific, and 14.0% at group level.
The group said that revenue per unit case was up 10.0% in the quarter, reflecting price increases in the markets in which it operates, as well as 'favourable' pack and channel mix led by the recovery of the Away from Home (AFH) channel.
"Our performance reflects great in-market execution with further growth in the home channel and the tail end of continued recovery of the away from home channel," Gammell commented.
"This resulted in strong volume growth across our developed markets and albeit early in its transformation journey, Indonesia delivered volume growth in the core sparkling category. Our focus on revenue growth management and our headline price and promotion strategy also drove solid gains in revenue per unit case."
Looking at the performance of its European business by geography, Coca-Cola Europacific Partners reported 4.5% revenue growth in the UK (+10.5% FX-neutral), 15.5% growth in France, 17.5% growth in Germany, 20.5% growth in Iberia and 4.5% growth in Northern Europe (+7.5% FX-netural).
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Recent trading has indicated 'no significant change' in underlying consumer demand, the group said, adding that it expects to report comparable revenue growth of 6% to 8% over the coming year.
"Although our first quarter has set us up really well for the rest of the year, it is typically our smallest," Gammell noted. "We are building on this momentum supported by fantastic activation plans. We remain focused on driving profitable revenue growth and solid free cash flow, and I am pleased to confidently reaffirm our full-year guidance for 2023, despite a dynamic outlook.
"We are confident that we have the right strategy, done sustainably, to deliver on our ambitious mid-term growth objectives which combined with today's interim dividend declaration, demonstrate the strength and resilience of our business, and our ability to deliver continued shareholder value."
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