Coca-Cola HBC Raises dividend; Expects Strong Recovery After COVID-19 Hit
Soft drink bottler Coca-Cola HBC has raised its dividend and said that it expects 2021 revenue to bounce back strongly as at-home demand cushions a hit to consumption in hotels and restaurants during COVID-19 restrictions.
Still, virus curbs hammered its out-of-home channel, which makes up 40% of revenues, sending 2020 comparable net profit 17.4% lower to €431.4 million.
"We expect to see a strong FX-neutral revenue recovery in 2021 on the back of gradual volume recovery against the COVID-19 impact in 2020... Performance in the at-home channel strengthened through the year," said the company, which bottles and sells Coca-Cola drinks in 28 countries.
It proposed a dividend of €0.64 per share for 2020, a 3.2% increase year-on-year.