Coca-Cola bottler lifts dividend after 'record' annual profit

Shares in soft drink bottling company Coca-Cola HBC AG (LSE: CCH) surged over 5% on Wednesday after the firm lifted its dividend and reported “record” annual profit for 2023.

The FTSE 100 company, which operates across Europe, said net sales revenue climbed 11% to €10.18 billion while pretax profit jumped 46% to €910.3 million. Organic revenue rose 17%, ahead of estimates.

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“I am deeply proud of our team as we delivered a third year of double-digit growth and record profits,” said Chief Executive Officer Zoran Bogdanovic, who highlighted “volume growth, share gains, improved margins and record levels of free cash flow.”

The company proposed a 19% higher ordinary 2023 dividend of €0.93 per share and targets 6-7% organic revenue growth for 2024. Coca-Cola HBC shares have risen 14.4% over the past year.