By Joe Hoppe
Coca-Cola Europacific Partners PLC said Thursday that first-half pretax profit and revenue significantly increased, and raised guidance for the full-year based on its strong performance to date.
The London-listed bottling company said that for the period ended July 1 pretax profit was 898 million euros ($913 million), compared with a profit of EUR455 million for the first half of 2021. The company attributed the strong growth to the continued recovery of restaurants, pubs, cafes and bars from the coronavirus pandemic, a return to travel and tourism, and a resilient home-sales channel.
Revenue for the period rose to EUR8.28 billion from EUR5.92 billion the year before, it said.
“We remain confident in the resilience of our categories, despite a more uncertain outlook, given macroeconomic and geopolitical volatility and higher inflation,” Chief Executive Damian Gammell said.
The company raised its outlook for 2022, attributing the increase to the strength of the business. It said it now expects revenue growth of 11%-13%, from a previous 8%-10% forecast, and operating profit growth to be in the range of 9%-11%, from 6%-9%.
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