Coca-Cola Europacific Partners PLC - Uxbridge, England-based soft drinks bottler - Reaffirms its 2022 profit guidance on the back of a strong start to the year despite increasing inflationary pressures. Company reports revenue of EUR3.71 billion in the first quarter of 2022, representing a 62% increase against the previous year's figure of EUR2.29 billion. Declares a first-half interim dividend of EUR0.56 per share.
Chief Executive Damian Gammell said: "Volume improved strongly as consumers enjoyed the continued reopening of the away from home channel, with resilient demand in the home channel and a record start to our biggest ever activation in Indonesia during Ramadan.
"In the near-term, whilst we expect to see further volume and mix recovery, we are mindful of a more uncertain outlook given accelerating inflationary pressures. So, we continue to manage our key levers of pricing, promotional spend and efficiencies across our business. Focused on driving operating profit and cash, we are reaffirming our comparable operating profit growth of 6% to 9%, and guiding to delivering strong free cash flow of at least EUR1.5 billion in 2022."
Company also guides for pro forma comparable revenue growth between 8% to 10%, up from 6% to 8% previously.
Current stock price: EUR47.60
12-month change: up 1.8%
By Heather Rydings; heatherrydings@alliancenews.com
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Coca-cola Euro. (CCEP)