EUROPE: Coca-Cola HBC Reports Mixed H1

Coca-Cola Helenic Bottling Company, one of the largest bottlers globally for Coca-Cola, has reported a mixed set of results for its fiscal first half.

For the six months to 3 July, revenue was down 3.4% to €3.04bn, hurt by currency fluctuations (+2.4% constant-currency basis).  Operating profit, however, was up 11% to €220.6m, helped by price hikes during the period.

Overall volumes edged up 0.1%, as a 3.5% increase in its developing markets offset a 2.8% decline in established markets.  It said volumes in Europe were impacted by unseasonably cooler weather during the spring.

Coca-Cola HBC said it is accelerating some restructuring plans, mainly in key emerging markets such as Russia and Nigeria.  It now plans to invest €48m this year, up from its earmarked €35m, to benefit from operational efficiencies.

It also expects volume growth to improve in the second half of the year, adding that it expects “strong growth” in full-year revenue on a constant-currency basis.