Price hikes and rising sales help profits fizz at London-listed Coca-Cola bottle maker HBC
Coca-Cola’s bottle manufacturer is eyeing higher profits after sales fizzed at the start of the year.
London-listed Coca-Cola HBC said revenues jumped 24.4 per cent to £1.9billion in the first quarter amid robust demand and successful price hikes.
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 per cent this year.
Sales up: London-listed Coca-Cola HBC – whose marketing has featured Rita Ora (pictured) – said it now expects profits to rise by up to 3% this year
Revenues are expected to rise by more than 6 per cent. Shares rose 2.1 per cent, or 50p, to 2483p yesterday.
‘Consistent execution of our strategy has led to a good start to 2023 and we expect another year of strong performance,’ said chief executive 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.’
Drink makers have raised prices in line with a rise in the cost of energy and commodities after Russia’s invasion of Ukraine last year, but companies such as Coca-Cola HBC have witnessed sustained demand as customers continued to spend on soft drinks