Coca-Cola Europacific Partners' preliminary unaudited results for the full year ending December 31, 2023, reflect a solid conclusion to an exceptional year for CCEP, positioning the company favourably for FY24 and beyond.
According to Damian Gammell, Chief Executive Officer of CCEP, 2023 was a testament to colleagues' dedication, alongside the unwavering support of customers and brand partners.
"Our focus on leading brands, fortified customer relationships, and steadfast in-market execution proved instrumental in our success," he said.
The company reported robust growth in both top and bottom lines, coupled with remarkable free cash flow generation. Strategic initiatives, including revenue and margin growth management and price and promotion strategies across diverse packaging offerings, contributed to solid gains in revenue per unit case.
"In developed markets, we observed transactions outpacing volume, leading to an expansion in market share and household penetration," noted Gammell.
Furthermore, progress on long-term transformation strategies in key markets like Indonesia, along with the successful completion of the acquisition of Coca-Cola Beverages Philippines in collaboration with Aboitiz, underscored the company's strategic foresight and agility.
Looking ahead to FY24 and beyond, Gammell expressed confidence in CCEP's resilience amidst ongoing macroeconomic and geopolitical fluctuations. The company's proactive approach to consumer engagement, highlighted by activation plans centred around the Paris Olympics and UEFA Euros, aligns with its commitment to driving sustainable growth.
"We are poised for continued success, with a strengthened foundation, enhanced diversity, and robust categories," stated Gammell.
"Our focus remains on driving productivity and optimising pricing and promotional strategies to bolster free cash flow."
CCEP's commitment to long-term value creation is evident through its record dividend in FY23, recent inclusion in the Nasdaq 100, and forward-looking guidance for FY24.
"Supported by strong partnerships with our brand allies, including our expanded presence in the Philippines, we are primed to achieve even greater heights together," concluded Gammell, emphasising the company's dedication to being a premier partner for customers and a leading workplace for colleagues.
