Coca-Cola UK business doubles profits for year
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) saw a 98.5% rise in profits after tax to £828.5 million for 2021, compared with the previous year.
Adding to this, 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.
Coca-Cola also mentioned 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 in sales volumes to continue over the short term.