Bottler Coca-Cola HBC AG has raised its 2023 profit expectations, aided by robust sales and price increases in the first half of the year.
The company said it now expects organic operating profit growth of 9% to 12% for the year end to December, up from its previous forecast of the top end of a -3% to +3% range.
The London-listed company said the forecast upgrade comes on the back of a stronger-than-expected finish to the first six months of the year, capped by a 'very good overall' performance in June.
The company also said its mid-term guidance from 2024 onwards remained unchanged.
Finlandia Acquisition
Coca-Cola HBC AG announced in June its intention to acquire Brown-Forman Finland Oy, the owner of the Finlandia vodka brand, from Brown-Forman Netherlands BV for $220 million (€201.2 million). This move is part of the bottler's efforts to expand its premium spirits business.
The acquisition will be carried out by CC Beverages Holdings II BV, a wholly owned unit of Coca-Cola HBC AG. The company expects the deal to be finalised in the second half of 2023.
Anora, the global distiller and bottler of Finlandia vodka, as well as the distributor of the drinks brand in Finland, Sweden, and Norway, announced that its longstanding collaboration with Brown-Forman will now be transferred to the Coca-Cola bottler.
News by Reuters, edited by ESM – your source for the latest drinks news. Click subscribe to sign up to ESM: European Supermarket Magazine.
