CCEP Shares Plummet Despite Higher Profit

Coca-Cola Europacific Partners (CCEP) reported its interim results, revealing higher profit and reaffirming full-year guidance. However, the shares took a hit after hitting an all-time high in the run-up to the announcement.

The company's revenue increased 4.4% to €10.7 billion in the six months to July 3, while reported operating profit rose 6.9% to €1.5 billion. Diluted earnings per share climbed 9.1% to €2.17.

Despite the positive numbers, revenue growth slowed to 2.5% in the second quarter, with volumes growing only 0.1%. However, the company's CEO Damian Gammell noted that the consumer environment remains challenging.