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Forex makes Coca-Cola HBC lose some fizz

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European soft drink bottler Coca-Cola HBC reported its results for the six-month period to 1 July on Thursday morning, with FX-neutral net sales revenue growing by 2.4%, or 3.0% taking into account the one less selling day.

The FTSE 100 company said currencies were continuing to impact adversely, leading to a 3.6% decline in net sales revenue to €1.193bn.

It posted a “robust increase” in FX-neutral revenue per case of 2.4% to €4.02, mainly due to better pricing trends across all segments compared to the prior-year period and a 110 basis point improvement in package mix.

Volumes increased marginally on a strong prior-year period – taking into account the one less selling day in Q1, HBC said volume grew by 0.7%.

The established markets performed poorly, however, with volumes declining 2.8%, which HBC said was partly impacted by unseasonably cool weather.

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Paul

The author Paul