Shares of Coca-Cola HBC AG (LON: CCH) are trading moderately higher today after the company said trading improved as coronavirus restrictions were lifted.
Revenue fell by 7% to €1.8 billion while volume slipped 1% to 613 million unit cases. The company reported better performance in the developing markets while emerging markets lagged.
A better-than-expected Q3 performance was influenced by an additional €20 million of savings, while capital expenditure cash outflow will be €100mln lower than previously expected.
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As a result, Coca-Cola HBC – the world’s third-largest Coca-Cola anchor bottler – now expects to post good full-year profitability.
“We are encouraged by the strong improvement in trading in Q3, supported by a rapid recovery in the out-of-home channel as markets reopened. This performance demonstrates our ability to adapt to the fast-changing market environment,” Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, said.
“Looking into Q4, as we cycle a very strong volume comparator and see the renewal of lockdown restrictions in some markets, we are encouraged by the consistent growth we have seen in the at-home channel, which will be especially important for this final quarter. Combined with the increasing impact of our cost savings programmes, this should allow us to continue to deliver good profitability in a severely disrupted year.”
Coca-Cola HBC share price is up about 18% this week to return to levels last seen in August.
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