Coca-Cola Europacific Partners delivers trading update with proposed $1.8bn acquisition on track

By William Dodds

- Last updated on GMT

Coca-Cola Europacific Partners saw revenues increases by 1.5% during Q3. Credit: CCEP
Coca-Cola Europacific Partners saw revenues increases by 1.5% during Q3. Credit: CCEP

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Coca-Cola Europacific Partners (CCEP) has released its trading update for the third quarter of 2023 and the year-to-date.

During Q3, CCEP saw 1.5% year-on-year revenue growth, despite volumes falling by 4.5%. This equates to €4.8bn (£4.2bn) in revenue for the quarter.

Increased revenues were mainly driven by the Europe region, which saw a 3.5% increase during Q3. Volumes, meanwhile, fell by 4%.

However, the API region, which includes Australia, New Zealand, the Pacific Islands, Indonesia and Papua New Guinea, experienced an 8% decline in revenue, with volumes down 7%.

For the year-to-date, revenue reached €13.8bn (£11.95bn) which is a 6% year-on-year increase. Overall volumes are down 1% year-on-year, with Europe flat and API posting a 6% decline.

CCEP reaffirming full-year guidance

Damian Gammell, CCEP chief executive, said that 2023 has been a “strong year​” to date driven by the group’s price and promotion strategy.

"Transactions outpaced volume and we grew both share and household penetration across our markets​,” Gammell explained.

Given our strong year to date performance, we are reaffirming our full year guidance and declaring a full year dividend up almost 10% on last year. This demonstrates the strength of our business and ability to continue to deliver shareholder value​.”

Reflecting on Q3 in particular, Gammell added: “We delivered top line growth despite mixed summer weather across Europe and the ongoing execution of our long-term transformation strategy in Indonesia​.”

Looking to next year, Gammell said that the group is "on track​" to complete the proposed acquisition of Coca-Cola Beverages Philippines (CCBPI) by early next year and will share more in "due course​".

CCEP signalled its intent to purchase CCBPI in a deal worth $1.8bn (£1.45bn) in August of this year​. If completed, it would make CCEP the largest bottler of Coca-Cola in the world.

The proposal was made in partnership with Philippines-based firm Aboitiz Equity Ventures, with the two parties agreeing to a 60:40 ownership split.

"We have been working closely with The Coca-Cola Company and Aboitiz on the proposed acquisition of CCBPI, aligned with our aim of driving sustainable and stronger growth through diversification and scale​," Gammell concluded.

In other news, Food Manufacture spoke to a raft of food and drink businesses in Wales about the support they have received from the Welsh Government​.

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