Shares in Coca-Cola HBC AG (LON:CCH), the fizzy drink bottling company, surged 4.7% after the company reported an acceleration in growth in the fourth quarter.
Revenues in the final quarter of 2019 were up 6.0% year-on-year after stripping out the effects of foreign exchange fluctuations and the acquisition of Bambi.
Full-year revenues on the same basis were up 3.7% at €7.03bn. Profit before tax rose to €661.2mln in 2019 from €610.9mln the year before.
"2019 was another year of strong growth with the business recording its highest ever volume and comparable EBIT. I am particularly pleased with how we finished the year, following the unseasonable weather we faced in Q2 and Q3,” said Zoran Bogdanovic, the chief executive officer of Coca-Cola HBC.
“We drove growth across all three market segments as well as in our three largest markets of Russia, Italy and Nigeria. Our core sparkling category continues to grow, supported by momentum in low- and no-sugar variants and we continue to gain or maintain share in the majority of our markets,” he added.
“We enter 2020 with considerable momentum and exciting plans that include the roll-out of Costa Coffee in at least 10 of our markets. We are confident that we are well on track to deliver our 2020 commitments and to make solid progress on our 2025 growth agenda," Bogdanovic said.
*COCA-COLA HBC 'WELL ON TRACK' TO DELIVER '20 COMMITMENTS— Alexandros Malamas (@Malami13) February 13, 2020
*FY DIV/SHR EU0.62
*FY COMPARABLE EBIT EU758.7M, EST. EU748.7M
*FY NET SALES EU7.03B, EST. EU7B
*FY VOLUME +3.3%
- Numbers look Slightly better on Comparable EBIT
- Dividend on track