Coca-Cola Europacific Partners is launching a €1bn share buyback programme after reporting a rise in revenues and volumes in 2024.
The group called it “a great end to a solid year” as it revealed revenues increased 11.7% to €20.4bn.
Volumes at the drinks bottler jumped by 17% in the year thanks to the acquisition of Coca-Cola Beverages Philippines, but were flat when stripping out the impact of the deal.
In Europe, volumes declined by 2.4% in 2024 as a result of the strategic delisting of Capri-Sun, mixed summer weather and softer demand in the out-of-home channel.
Revenues in Great Britain nudged up 0.1% to €3.3bn, with an improvement seen in the fourth quarter as sales rose 2.3% to €866m. The rise was driven by headline price increases as volumes remained flat.
The group highlighted high-single-digit full-year volume growth for Coca-Cola Zero, Dr Pepper and Monster in GB, with Powerade up more than 50%.
Group operating profits fell 8.8% in 2024 due to higher business transformation costs and a non-cash impairment of the Indonesian business unit. Underlying profits increased 8% to €2.7bn thanks to top-line growth, delivery of efficiency programmes and optimisation of discretionary spend.
CEO Damian Gammell said it was “a solid year” for CCEP, with “continued robust top and bottom-line growth”.
“Our geographic diversification, reinforced by the Philippines, means we are even more resilient,” he added.
“We’ve grown share ahead of the market, created value for our customers, delivered underlying volume growth and gains in revenue per unit case through revenue and margin growth management. Actively managing pricing and promotions across our broad pack offering ensures we are relevant to all consumers, while driving profitable revenue growth.”
Gammell said the group was “well placed” for 2025 and beyond.
“We are confident that we have the right strategy, done sustainably to deliver on our mid-term growth objectives. Our FY25 guidance, combined with the resumption of share buybacks, demonstrate the strength of our business and our ability to deliver continued shareholder value.”
CCEP forecast revenue growth of about 4% for 2025 and operating profits to be 7% higher than 2024.
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