Credit Suisse noted that 5.2% net sales growth was significantly up on consensus estimates of 3.1%, adding: "Importantly, the beat was driven by both better volume and FX neutral revenue per case performance, as emerging markets are proving resilient despite significant price realisation." The shares were flat by Thursday lunchtime at 2,185p, but the stock has risen by 23% so far in 2017 and by 56% year-on-year. Also on Thursday, Dutch packaging giant Refresco reported strong growth in Q1 2017, with volumes up 26.4% to 1,674 million litres and rising by 2.3% on an organic basis.