Coca-Cola European Partners (CCEP) has posted revenue of €11.1 billion in its first full financial year, up 21% on a reported basis, or 3% on a comparable basis.
Revenues were up in Iberia (3%), Germany (2.5%), Great Britain (4.5%), France (0.5%), and the Northern European territories, including Belgium, Luxembourg, the Netherlands, Norway, Sweden and Iceland (4.5%).
Volume sales for sparkling brands were up by 0.5%, however, Coca-Cola trademark brands decreased by 0.5%. Volume growth for Coca-Cola Zero Sugar (+15%) offset declines in other brands.
“In our first full year as Coca-Cola European Partners, we have started to realise the growth opportunities created by the merger and, importantly, modestly exceeded our initial guidance for revenue, operating profit, diluted earnings per share, and free cash flow,” said Damian Gammell, chief executive of CCEP.
The group declared a quarterly dividend of €0.26 per share - an increase of approximately 24% - which Gammell said "reflects our confidence in the future of our business, and our goal of generating cash and driving increased shareholder value."
CCEP has provided full-year guidance for 2018, including comparable and fx-neutral diluted earnings per share growth of 6-7%.
The company says that it remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.
"Looking ahead, our journey continues in 2018 as we further expand our portfolio, build on our commercial capabilities, and continue to invest in our business to better serve our customers and improve in-market execution,” said Gammell.
“Though we face some headwinds in 2018, we remain confident that our focus on driving profitable growth and managing costs will strengthen our business for the long term."
© 2018 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.