Coca-Cola HBC reports strong growth despite fluctuating volumes in Russia and Ukraine
Coca-Cola HBC announced “strong organic growth” as part of its third-quarter trading update today, with organic revenue being up 15.3 per cent.
After reporting strong revenue growth in its half-year results, the European bottle company for soft drink giant Coca-Cola also saw organic volume growth this quarter up 15.3 per cent.
Chief executive Zoran Bogdanovic said the company continues to invest in its future with a “clear” focus.
He added: “We’re pleased to have delivered another solid performance, and a second consecutive quarter of organic volume growth.
“We reiterate our guidance for strong growth in 2023 and, despite continued macro uncertainties, we are well placed to deliver on our medium-term targets.”
The company has recently faced questions over Russia operations, and now reports a fall in volume in Ukraine, declining by “low-single digits”.
This comes after volume in Ukraine had risen 50 per cent in August during the bottling company’s half-year results.
However, today it said volumes in Russia were “higher on an organic basis” than the prior year, but still down 40 per cent since 2021.