Coca-Cola HBC AG on Tuesday reiterated its growth guidance for 2024, following a strong first quarter in which the company grew both its revenue and sales volumes.

Coca-Cola HBC is a Zug, Switzerland-based bottling partner of Coca-Cola Co. HBC stands for Hellenic Bottling Co.

For the first quarter of 2024, the company reported a 1.0% increase in net sales revenue to €2.23 billion from €2.20 billion a year prior.

On an organic basis, net sales revenue was up 13%, with growth held back by foreign exchange headwinds in the emerging markets of Nigeria and Egypt, Coca-Cola said.

Volumes were up 1.9% to 632.6 million unit cases in the quarter from 621.1 million a year before, though sales revenue per unit case dipped 0.8% to €3.52 from €3.55.

Coca-Cola HBC performed particularly well in developing markets in the period, with net sales up 16% on a reported basis to €480.1 million from €412.2 million in the first quarter of 2023.

Looking ahead to its full-year results, the company reiterated its guidance. It forecasts organic revenue growth of 6% to 7%, alongside organic growth in earnings before interest and tax between 3% and 9%.

In 2023, Coca-Cola HBC delivered €10.18 billion in net sales revenue and €953.6 million in Ebit.

However, the company cautioned the economic climate is expected to remain ‘challenging’, and anticipates negative foreign exchange impacts on Ebit of between €30 and €50 million.

Chief Executive Officer Zoran Bogdanovic said: ‘We have made a strong start to the year, with continued progress of our 24/7 strategy. Organic revenues grew by 12.6% led by our strategic priority categories of Sparkling, Energy and Coffee. We are also pleased to report another quarter of volume growth and market share gains.’

Shares in Coca-Cola HBC were up 0.9% at 2,598.00 pence each in London on Tuesday morning.

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