Coca-Cola HBC AG (LON:CCH) has announced that, after a stronger than anticipated finish to the first six months of the year, it is upgrading its 2023 earnings expectations.
Performance in June, one of our most significant months, was very good overall. As a result, we now expect to deliver strong organic EBIT growth in the first half, led by operating leverage from double-digit top line growth, reflecting good improvements to price / mix.
As a result, we now expect organic EBIT growth for 2023 of 9-12% (previously the top end of a -3 to +3% range).
Our mid-term guidance from 2024 onwards is unchanged. We expect average annual organic revenue growth of 6-7% and average annual organic EBIT margin expansion of 20-40 basis points per annum.
Coca-Cola HBC AG state that half-year 2023 results will be published on 9 August at 7:00 am BST.
