News
CCEP H1 2024 Financial Results
07/08/2024
Investors |
Today we published our financial results for the first half of 2024. We are pleased to have delivered another solid performance, thanks to our great brands, great people and great execution.
We continue to create value for our customers, delivering revenue growth and value share gains both in-store and online. Our Australia, Pacific and Southeast Asia business unit saw strong volume growth – adjusted comparable volume grew 7.5% vs 2023 in the region. Volume declined in Europe (-2.8%) reflecting great in-market execution offset by adverse weather, strategic de-listings and a strong H1 last year.
Thanks to strong consumer demand and great execution across all key markets, our great brands went from strength to strength. Coca-Cola Classic grew 3.0%, and Sprite grew 5.9%. Exciting innovation helped grow our categories, including the sports category that grew 4.8%, and saw the launch of Powerade Golden Mango in some markets.
See some more highlights below or read the full update, including footnotes, here.
- Sprite
- Philippines acquisition
- Investing in sustainability
Sprite
Sprite is still a firm favourite, with volume up in H1.
vs H1 2023
Philippines acquisition
In February, the Philippines joined the CCEP family, taking our total employees to over 42,000.
Investing in sustainability
We invested €40m in a new production line for refillable glass bottles at our Lüneburg factory in Germany.
| Adjusted Comparable | |||
| Revenue | Operating profit | Earnings per share | |
| H1 2024 | €10.1 billion | €1.3 billion | €1.97 |
| Change vs H1 2023 | 3.5% (FXN) | 9.0% | 7,0% |
For footnotes and forward looking statements, please see our full financial results here.
We are pleased to have delivered a solid first half performance reflecting great brands and great execution. I would like to thank our great people, alongside our customers and brand partners. We delivered solid top and bottom-line growth, and impressive free cash flow.
The great performance of APS, led by the Philippines, offset softer volumes in Europe driven by adverse weather. This demonstrates how our geographic diversification makes us a stronger and more robust business. We continue to grow share ahead of the market and to create value for our customers. Our focus on revenue growth management, headline price and promotion strategy across a broad pack offering also drove solid gains in revenue per unit case.
Looking ahead, we are well placed operating in categories that remain resilient. We continue to invest for growth and have strong commercial plans in place for the rest of this year and beyond to engage customers and consumers. We remain focused on driving profitable revenue growth, actively managing our pricing and promotional spend to remain affordable and relevant to our consumers, alongside our focus on productivity and free cash flow. In that context, we reaffirm our full year guidance for 2024.
We are confident that we have the right strategy, done sustainably, to deliver on our mid-term growth objectives. Combined with our first half interim dividend, this demonstrates the strength of our business, and our ability to deliver continued shareholder value.
