Coca-Cola HBC on Wednesday announced higher organic revenue growth of 22.2% in the first quarter, excluding Russia and Ukraine. More specifically, the company said that a price mix led revenue growth as it took decisive actions to mitigate cost inflation. Volume growth in sparkling, energy and coffee drinks was offset by declines in stills, driven by an anticipated weakness in water. All this resulted in unchanged overall volumes.

Group organic revenue was up 16.2% in the first quarter, with organic net sales revenue per case rising by 21%, more than offsetting a 4.0% contraction in organic volume. Consolidation of Egypt and Multon benefitted revenue growth by 8.8 percentage points, while foreign exchange movements negative impacted revenue growth by 0.6 percentage points.

Zoran Bogdanovic, CEO, commenting on the results said that "Consistent execution of our strategy has led to a good start to 2023 and we expect to deliver another year of strong performance. As a result, we now have greater confidence in achieving positive organic EBIT growth in 2023. Revenue growth was strong, thanks to our in-market agility and our tailored consumer and customer plans. Market shares improved for both non-alcoholic ready-to-drink and Sparkling, while we effectively implemented thoughtful price and mix changes in the face of continued cost inflation. Although some markets have been impacted by a tougher consumer environment, our track record of successful revenue growth management and our sustained focus on investing in data enhanced growth capabilities puts us in a strong position to adapt. We have continued to invest in our portfolio to strengthen our position as The Leading 24/7 Beverage Partner. In Q2 we will relaunch Kinley, launch Jack Daniel’s & Coca-Cola in selected markets and further roll out Caffè Vergnano. With the talent of our people and the strength of our partnerships, we are well positioned for long-term, sustainable growth throughout 2023 and beyond.”