Coca-Cola HBC Boosts Profit Expectations Following Strong First-Half Performance
- Victoria Scholar: Coca-Cola HBC is defying negative market trends
- The company now predicts a 9 to 12% growth in underlying earnings for 2023
- Coca-Cola HBC shares surge and become the top riser on the FTSE 100 Index
Coca-Cola Hellenic Bottling Company (HBC) has raised its profit guidance for the year after a strong performance in the first half. The FTSE 100-listed bottler now expects organic earnings before interest and tax to grow by 9 to 12% in 2023. Previously, it had predicted a profit range of -3% to 3%. The improved outlook is attributed to a stronger-than-expected finish to the first half, along with a very good performance overall in the previous month.
Coca-Cola Hellenic Bottling Company has upgraded its annual profits guidance as it continued to benefit from price hikes and strong demand for its drinks
The company also reaffirmed its mid-term forecasts for 2024 and beyond, projecting 6 to 7% organic revenue growth and an average organic underlying earnings margin expansion of 20 to 40 basis points per year.
Coca-Cola HBC shares rose 4.5% to £23.58, making them the top performer on the FTSE 100 Index. The company’s share price has increased by over a fifth since the beginning of 2023, driven by price hikes that have offset rising energy and commodity costs. Coca-Cola HBC has experienced stronger sales in both established and developing markets, particularly in the sparkling, energy, and coffee drink categories
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
