Strong gains at the open were seen for Coca Cola HBC, the bottling and packaging company, which posted full year results today. Despite the overall theme of macroeconomic uncertainty, revenues added almost 14%, whilst net profits advanced 29%. Shareholders are receiving an 11% increase in the dividend and there’s confidence that despite the backdrop, the mid-term outlook remains positive. Coca Cola HBC shares are up more than 5% shortly after the open.
A rather less endearing reaction to full year news from Barclays despite a notable increase in profitability being recorded. There’s a £1bn share buy back on the table too, but investors clearly found cause for concern in the print. With mortgage lending rates under pressure and the bank also noting that in anticipated impairments deteriorating in the year ahead, the stock has been under pressure in early trade. Just before 9am and the Barclays share price was down 5%
British American Tobacco had its full year figures out today as well and these appear to have underwhelmed. Slowing growth in next generation products was noted and revenue guidance for the year ahead was significantly lower than had been forecast. That’s raising question marks over the company’s ability to deliver in the medium term, too. The BAT share price was almost 8% lower an hour into the day.
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Final Results - - Unilever (ULVR)
