Coca-Cola HBC profits fall on Covid lockdowns

Bottling group Coca-Cola HBC reported a decline in first-half profit and revenue on Wednesday as trading was dented by coronavirus lockdowns.

In the six months to 26 June, pre-tax profit fell to €167.2m from €260.8m in the first half of last year, with net sales revenue down 15.5% to €2.8bn. The company said its out-of-home channel, which accounts for slightly more than 40% of its revenues, was "severely" impacted by the lockdowns put in place in response to the Covid-19 crisis.

As lockdowns have eased or reversed and hotels, restaurants and cafes have reopened, trade has gradually returned to this channel, it said.

"Throughout the Covid-19 crisis our supply chain has remained fully operational and we have continued serving our customers through our physical and digital route to market," the company said.

"As our markets have been gradually reopening, trading has steadily recovered from the April low, with both volume and price/mix performance improving each month."