Coca-Cola HBC to return up to €400m to shareholders, shares jump

by | Nov 21, 2023

(Sharecast News) – Coca-Cola HBC shot to the top of the FTSE 100 on Tuesday after announcing the launch of a share buyback programme that will see it return up to €400m to shareholders.

The buyback is expected to run for around two years.

The company said it believes the current share price undervalues its future growth opportunities.

Chief executive Zoran Bogdanovic said: “We are delivering another year of strong performance in 2023, and remain confident in our ability to deliver our medium-term financial targets and to sustain the investment necessary to build a stronger platform for future growth.

“With our cash-generative business and a strong balance sheet today, we believe that the current market weakness presents a compelling opportunity for us to deploy excess capital through a buyback programme and deliver enhanced shareholder value.”

At 1120 GMT, the shares were up 4.8% at 2,189.0p.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!