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(Alliance News) -Â Soft drinks bottler Coca-Cola European Partners PLC on Thursday reported a decline in volumes and profit for 2020.
Revenue dropped 12% to EUR10.61 billion from EUR12.02 billion and pretax profit plunged 52% to EUR695 million from EUR1.45 billion.
CCEP posted a 9.5% fall in volumes in 2020, or 10% on a comparable basis. This was driven by the Covid-19 pandemic, with "adverse" away-from-home volumes reflecting outlet closures and restrictive measures, only partially offset by growth in the home channel.
Chief Executive Damian Gammell called 2020 "a challenging year like no other".
"While our business continues to face significant restrictions, which we confidently continue to navigate, the crisis has strengthened our determination to move further and faster towards a stronger and even more sustainable future. We protected the short-term without compromising the longer-term by continuing to invest, particularly in digital, sustainability and our portfolio," said Gammell.
CCEP said its full-year dividend of EUR0.85, announced alongside its third quarter results, maintains its annualised dividend payout ratio of 50%.
The firm added that it is unable to provide guidance for 2021 given ongoing Covid-19 uncertainty.
Peer Coca-Cola HBC on Thursday said net sales revenue for 2020 fell 12% to EUR6.13 billion and pretax profit was 10% lower at EUR593.9 million, posting a 5.7% decline in unit cases.
Coca-Cola HBC has operations in 28 countries, including Greece, Ireland, Poland and Nigeria, while CCEP currently operates in the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway.
Both the bottler's results on Thursday followed Atlanta, Georgia-based soft drinks maker Coca Cola Co on Wednesday posting an 11% slide in full-year net revenue to USD33.01 billion and 2020 pretax income down 10% at USD9.75 billion.
CCEP shares were untraded at EUR42.35 in London on Thursday morning. The stock closed up 0.6% at USD51.40 each in New York on Wednesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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