Coca-Cola Europacific Partners Slips After Underwhelming Results

Coca-Cola Europacific Partners (CCEP) reported underwhelming first-half results, with shares in the company slipping after it posted slower revenue and volume growth. Despite this, CCEP kept its full-year guidance unchanged.

The company's revenues rose 4.4% to €10.72 billion over the six months to July 3, driven by price increases, a French sugar tax, and positive mix. However, this was down from the 6.7% increase in the first quarter. Volumes were also 5.6% higher at 2,041 million unit cases, but slower than the 8.5% growth seen in the previous quarter.

CCEP's operating profits totalled €1.46 billion over the half-year period, up 6.9% year-on-year. CEO Damian Gammell said the company delivered a strong first half, with balanced revenue growth and disciplined cost and cash management.