The Coca-Cola bottling business for the UK and Europe has almost doubled its profits for the past year after it was boosted by the reopening of hospitality and acquisitions.
Coca-Cola Europacific Partners (CCEP) hailed an “extraordinary year” which saw it post a 98.5% rise in profits after tax to 988 million euro (£828.5 million) for 2021, compared with the previous year.
It added that revenues increased by 30% for the year, significantly driven by its acquisition of Australian bottling business Coca-Cola Amatil.
The company rebranded from Coca-Cola European Partners after it snapped up the Australian arm in May 2021.
CCEP said like-for-like sales were up 4.5% on 2020 levels as customers bought more drinks outside of their homes, following the reopening of pubs restaurants and bars.
Nevertheless, the company said this remained 5.5% below pre-pandemic levels from 2019.
In Great Britain, the business said sales of Coca-Cola, Fanta and Monster all reported growth on pre-pandemic levels as they benefited from strong retail sales as well as a rebound from hospitality.
Damian Gammell, chief executive officer, said: “2021 was an extraordinary year for CCEP.
“We are a stronger, more diverse business, built on great people, great service and great beverages – done sustainably.
“Solid top-line recovery, value share gains, operating margin expansion and remarkable free cash flow generation demonstrate our strong performance in a challenging environment.
“Our results also reflect the successful acquisition and integration of Coca-Cola Amatil, a fantastic business to have acquired at the right time, as we look forward to an even brighter future together.”
The group said it is “well-placed” for 2022 and expects a recovery is sales volumes to continue over the short term.
The family of a cinematographer shot and killed on the set of the film Rust is suing Alec Baldwin and the movie’s producers for wrongful death, their attorneys said. Lawyers for the family of Halyna Hutchins announced the lawsuit filed in New Mexico in the name of Hutchins’ husband, Matthew Hutchins, and their son, Andros, at a Los Angeles news conference. At least three other lawsuits have been filed over […]