CCEP Shares Plummet After Second-Quarter Growth Slows
Coca-Cola Europacific Partners (LON: CCEP) shares took a hit after the company reported a slowdown in growth during its second quarter, despite beating forecasts for its first half. The stock fell 4.3% to 7,710p, down from an all-time high of 8,545p set just days before the results.
The company's revenue grew by 4.4% to €10,724m in the six months to July 3, with reported operating profit up 6.9% to €1,458m and diluted earnings per share up 9.1%. Chief executive Damian Gammell said that CCEP had delivered a strong first half, but the second quarter's revenue growth slowed to 2.5%, roughly half the pace of the first half.
Revenue per unit case, which measures the average price taken per drink sold, rose just 0.1%. This suggests that CCEP is selling more drinks while earning almost nothing extra per unit, a stall in pricing power that had driven earlier growth.