In a significant development, Coca-Cola Hellenic Bottling Company (HBC) has reported robust sales growth in its third quarter, prompting it to revise its full-year forecast upwards.
Coca-Cola HBC, one of the largest bottlers of the renowned beverage brand, experienced a remarkable 13.9% increase in organic sales, driven by a 4% rise in volumes. This surge was notably fuelled by priority categories, including sparkling drinks, which grew by 3.9%, energy drinks with a 28% increase, and coffee, which saw a substantial rise of 35.6%.
The company’s strategic investments in its portfolio during the third quarter paid off significantly. Innovations such as the introduction of new flavours and collaborations with popular movie franchises, including Fanta Beetlejuice and Marvel-themed products, have continued to attract consumers.
As a result of these achievements, the manufacturer has adjusted its financial outlook for 2024, projecting organic growth of between 11% and 13%, which surpasses the previous estimate of 8% to 12%. Additionally, expectations for organic EBIT growth have been revised to a range of 10% to 12%, compared to the earlier forecast of 7% to 12%.
Coca-Cola HBC’s chief executive, Zoran Bogdanovic, expressed his satisfaction with the company’s performance. He highlighted the strong revenue growth, volume momentum, and expansion of revenue per case as key factors underpinning the quarterly results. Bogdanovic remarked, ‘I am pleased that our Q3 results build on the strength of our first half and clearly demonstrate how our 24/7 portfolio, combined with our bespoke capabilities, can deliver quality growth in a range of market conditions.’
He also acknowledged the challenging macroeconomic and geopolitical landscape, alongside a mixed consumer environment. However, Bogdanovic’s confidence in the company’s ability to continue succeeding in the marketplace was evident as he stated that the strong performance over the first nine months of the year supports the updated guidance for the full year.
With a substantial rise in sales and an optimistic forecast, Coca-Cola HBC remains poised to navigate the complexities of the marketplace, demonstrating resilience and adaptability.
