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Coca-Cola HBC, a bottler for the Coca-Cola company, deferred its dividend, citing 'significant' uncertainty from the Covid-19 pandemic following a reduction in first-quarter revenue on lower volumes.?
In an effort to conserve cash, the company said it would defer its consideration of the 2020 first-half dividend until visibility had improved.
Comparable volume fell 4.0% reflecting challenging comparables, some customer disruption as a result of the companys planned pricing strategy and the initial impact of the COVID-19 pandemic across its markets, the company said.
The company reported ongoing volatility in both channels - AFH and home with total volume declines in the range of about 20% to 40% across its markets in the fuve weeks ending 17 April.
Revenue per unit case, however, was up 1.5% and benefited from favourable price and promotions offset by negative channel & pack mix, particularly in March.
At 9:03am: (LON:CCH) CocaCola Hbc AG share price was +1p at 2019p