Price hikes and rising sales push profits for London-listed Coca-Cola bottlemaker HBC
The Coca-Cola bottle maker is targeting higher profits after sales boomed at the start of the year.
London-listed Coca-Cola HBC said first-quarter revenues rose 24.4 percent to £1.9 billion amid strong demand and successful price increases.
The company, which bottles drinks for the US giant – and whose marketing has featured singer Rita Ora – now expects profits to rise by up to 3 percent this year.
Sales up: London-listed Coca-Cola HBC – whose marketing has mentioned Rita Ora (pictured) – said it now expects profits to rise by up to 3% this year
Turnover is expected to increase by more than 6 percent. Shares rose 2.1 percent, or 50 pence, to 2,483 pence yesterday.
“Consistent execution of our strategy has led to a good start to 2023 and we expect another year of strong performance,” said CEO Zoran Bogdanovic.
“With the talent of our people and the strength of our partnerships, we are well positioned for long-term, sustainable growth through 2023 and beyond.”
Beverage companies have increased prices in line with the rise in energy and raw material costs following last year’s Russian invasion of Ukraine, but companies such as Coca-Cola HBC saw continued demand as customers continued to spend on soft drinks