The company said it expected organic earnings before interest and taxes (EBIT) growth to be at the high end of its forecast range of -3% to +3%.
“Consistent execution of our strategy has led to a good start to 2023 and we expect to deliver another year of strong performance," commented Zoran Bogdanovic, chief executive. "As a result, we now have greater confidence in achieving positive organic EBIT growth in 2023."
The group reported first-quarter organic growth of 22.2%, excluding Russia and Ukraine, with price/mix leading revenue growth as the firm ' took decisive actions to mitigate cost inflation', it said.
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'Market Shares Improved'
"Revenue growth was strong, thanks to our in-market agility and our tailored consumer and customer plans," Bogdanovic added. "Market shares improved for both non-alcoholic ready-to-drink and Sparkling, while we effectively implemented thoughtful price and mix changes in the face of continued cost inflation.
"Although some markets have been impacted by a tougher consumer environment, our track record of successful revenue growth management and our sustained focus on investing in data enhanced growth capabilities puts us in a strong position to adapt."
The group recently expanded its offering in the 'adult' category, with the launch of Jack Daniel’s & Coca-Cola in Poland, Ireland and Hungary in April. It is also preparing for the relaunch of the Kinley sparkling brand in Q2.