Coca-Cola Europacific sweetens dividend following Euros and Olympics
Coca-Cola Europacific (CCEP) has hiked its dividend after a blockbuster summer of sporting events despite gloomier weather and generally softer consumer demand.
The London-listed firm, which is the largest Coca-Cola bottling company, declared a full-year dividend per share of €1.97, up 7.1 per cent year-on-year.
It came as year-to-date revenue rose 10.2 per cent to €15.2bn (£12.8bn).
However, CCEP said it had revised down its revenue guidance for the full-year, from four per cent to 3.5 per cent.
A ‘solid year’ for Coca-Cola bottler
Chief executive Damian Gammell said: “2024 continues to be a solid year for CCEP.
“We’ve grown volume and revenue year on year and share ahead of the market. Our geographic diversification means we are more robust with APS, led by the Philippines, offsetting softer volumes in Europe.
Gammell noted “mixed summer weather” and “softer consumer demand” in Europe, but he said volume growth had ultimately been supported by “fantastic activiation” at the Euros and the Olympics.
“We are well placed for 2025 and beyond. 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 objective,” he added.
“Combined with today’s dividend declaration, this demonstrates the strength of our business and our ability to grow shareholder returns.”
Shares held broadly level, up 0.34 per cent, in early trading following the announcement.
They are trading up around 14 per cent this year to date. In February, CCEP acquired its peer in the Philippines, Aboitiz Equity Ventures, from the The Coca-Cola Company, in a deal valued at £1.4bn.