Coca-Cola European Partners (CCEP) has reported that revenue totalled €5.4 billion in the first half of the year, representing a 3% increase on a comparable basis.
Volume increased by 3%, while comparable operating profit grew by 14% to €688 million for the six month period.
Second quarter diluted earnings per share was €0.61 on a reported basis or €0.67 on a comparable basis, and the company has declared a quarterly dividend of €0.21 per share.
“We delivered a strong second quarter as we continue to make solid progress in building our new company and realising our planned synergies,” said Damian Gammell, CCEP CEO. “These results reflect the successful execution of our sales and marketing plans, as well as favourable weather throughout the quarter."
For the full year, CCEP is expecting low single-digit revenue growth, with an increase of 10-12% in diluted earnings per share.
The company says that it remains on track to achieve pre-tax savings of between €315 and €340 million through synergies by mid-2019.
“Looking forward, we remain focused on our long-term business growth through expanding our portfolio, creating value with our customers, and improving in-market execution, all to generate strong cash flow and drive long-term value for our shareholders,” said Gammell.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.