Coca-Cola’s FTSE 100-listed packaging wing Coca-Cola HBC AG delivered 16.9% in organic revenue growth to €10.2 billion (£8.7 billion) in the past financial year.
Organic volumes in the core sparkling category were hit by Coca-Cola’s withdrawal from the Russian market, coming in at 2.5%.
However, energy drink volumes surged by over 27% and coffee by over 31%.
Underlying earnings (EBIT) grew 17.7% year on year to €1.1 billion, making for a 9.4% margin.
Comparable earnings per share grew by 21.8% to €2.08, “supported by strong profit delivery and effective management of finance costs”, while net profit after tax of €636.5 was a new record.
“We have delivered a stronger-than-expected financial performance in 2023, despite the significant headwinds to our business,” said the group.
“While we expect the macroeconomic and geopolitical environment to remain challenging, we have high confidence in our 24/7 portfolio and the opportunities for growth in our diverse markets, amplified by our bespoke capabilities, and above all, the talent of our people.
“In 2024 we expect to make progress against our medium-term growth targets.”
Coca-Cola HBG’s outlook for the year ahead has organic revenue growth guidance within the 6-7% medium-term target range and organic EBIT growth in the range of 3% to 9%.
Shares rose 7.7% to 2,376p.