CCEP Q1 2024 Trading Update

Q1 Trading Update Website Main Image


Today we published our trading update for the first quarter of 2024. We have had an encouraging start to the year, built on our great brands, great people and great execution.

We reported good revenue growth and value share gains both in-store and online. Our Australia, Pacific and Southeast Asia business unit delivered strong volume growth – adjusted comparable volume grew 8.1% vs 2023 in the region, while volume declined in Europe (-1.4%) following a strong Q1 last year.

Our great brands continued to perform well. Coca-Cola Classic grew 4.4% and Sprite grew 8.7%, thanks to great execution across all key markets and strong consumer demand. Powerade drove 4.3% growth in the sports category.

See some more highlights from the quarter below or read the full update, including footnotes, here.

  • Coca-Cola Original Taste
  • Top Employer
  • Reducing carbon emissions
Coca-Cola Original Taste
Highlights 1 1

Coca-Cola Original Taste continues to be a favourite, with volume up in Q1.

vs Q1 2023

Top Employer
Highlights 2

Proud to be named a Europe Top Employer 2024 by Top Employers Institute.

Reducing carbon emissions
Highlight 3

Introduced autonomous electric trucks in Germany to reduce carbon emissions from our logistics. These trucks are now operating in 4 markets.

Adjusted Comparable
  Revenue Volume (uc) Revenue Per UC
Q1 2024 €4,733m 930m €5.14
Change vs Q1 2023 5.3% (FXN) 2.0% 3.4%

For footnotes and forward looking statements, please see our full trading update here.

We have had an encouraging start to the year reflecting great brands and great execution. All delivered by great people, to whom we extend our sincere thanks, alongside our customers and brand partners.

Our first quarter delivered good volume and revenue growth despite cycling strong growth in Europe albeit more than offset by a great start to the year in APS, especially in the Philippines. This demonstrates how our diversity makes us a stronger and more robust business, operating in categories that remain resilient despite ongoing macroeconomic and geopolitical volatility. We grew both share and household penetration ahead of the market. And our focus on revenue growth management and our headline price and promotion strategy across a broad pack offering also drove solid gains in revenue per unit case.

Although our first quarter has set us up well for the rest of the year, it is typically our smallest. We are building on this momentum supported by fantastic activation plans, including the Paris Olympics and the UEFA Euros, to engage customers and consumers.

We remain focused on driving profitable revenue growth, to actively manage our pricing and promotional spend to remain affordable and relevant to our consumers, alongside our focus on productivity and free cash flow. In that context, we confidently reaffirm our full year guidance for 2024, despite a dynamic outlook.

We are well placed for FY24 and beyond, continuing to invest for the long-term. We are confident that we have the right strategy, done sustainably, to deliver on our mid-term growth objectives which combined with today’s interim dividend declaration, demonstrate the strength of our business, and our ability to deliver continued shareholder value.

Damian Gammell

Chief Executive Offier