CCEP, which is the largest Coca-Cola bottler in the world, reported revenues of €5.4bn for the quarter and €15.2bn for the year-to-date.
Adjusted volume in Europe for Q3 declined 1.4% year-on-year, but this was mitigated by a 3.3% increase in the Asia Pacific region.
The decline in volumes did not impact European adjusted revenue which increased by 2.3%, while Asia Pacific enjoyed a 3.2% rise.
For the year-to-date, adjusted revenue is up 2.7% on a group level, despite adjusted volumes rising just 0.4% year-on-year.
Robust Asia Pacific performance offsets weaker European volumes
Damian Gammell, CCEP chief executive, said that it has been a “solid year” so far for the group with volume and revenue rising when compared to 2023.
He also noted that the geographic diversification achieved through the acquisition of Coca-Cola Beverages Philippines (CCBPI), which closed in February 2024, has ensured more robust performance in the Asia Pacific region which has “offset softer volumes in Europe”.
"In the third quarter, we delivered top line growth despite mixed summer weather and softer consumer demand in away-from-home in Europe,” Gammell commented.
“Fantastic activation, including the UEFA Euros and the Olympics, supported solid underlying volume growth. Our focus on revenue growth management, headline price and promotion strategy across our broad pack offering drove solid gains in revenue per unit case.
“Actively managing pricing and promotions also ensures we are relevant to all consumers, while driving profitable revenue growth. Alongside the ongoing delivery of productivity gains, this is supporting strong free cash flow.”
Gammell added that as a result of the group’s performance so far this year, it was reaffirming its full-year profit and cash guidance alongside declaring a full-year dividend up around 7% on last year.
"We are well placed for 2025 and beyond,” he continued.
“We continue to invest for the long-term and are confident that we have the right strategy, done sustainably, to deliver on our mid-term growth objectives. Combined with today's dividend declaration, this demonstrates the strength of our business and our ability to grow shareholder returns."
In other news, a man has been arrested in connection with the theft of 22 tonnes of cheese from Neal’s Yard Dairy.
