Weather knocks fizz out of Coke in Ireland
Poor summer weather took the fizz out of Coca-Cola's sales in Ireland during the third quarter, with competition also weighing on its portfolio of brands here.
Coca-Cola HBC, the Switzerland-based firm that controls the franchise for the brand's products in 28 countries across Europe and parts of Africa, said that the poor performance in Ireland, Russia and Belarus was offset by gains in Nigeria and Italy.
The performance in Ireland was also in contrast to that in markets including Austria.
"Established markets volumes bounced back well into growth territory in the quarter, particularly in Italy and Austria," according to the company. "The strong Swiss Franc helped revenue growth, while mix was negatively impacted by increased water volume."
It recorded volume growth of 5.4pc in the third quarter, compared to a 4.8pc decline in the third quarter of 2014. It shipped 577.1m cases of drinks in the latest quarter and achieved net sales revenue of €702.5m, which was 6.4pc higher year-on-year. Net sales revenue declined by 2.7pc, however.
Newly-filed accounts for Coca-Cola HBC's Irish arm show that its operating profit soared to €8.4m last year from €4.6m in 2013, despite turnover remaining broadly flat at €167.6m.
The company paid a €5m dividend to its parent company last year, compared to €4m in 2013.
Coca-Cola HBC employs about 300 people in Ireland.