Cadbury F1 sales, profit move up |
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Tue, 26 Jul 2005 18:20
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LONDON: Cadbury Schweppes Plc recorded a 6 per cent growth in its sales in the first half of the current fiscal to reach 3.1 billion pounds, driven by a 13.6 per cent increase in U.S. confectionery sales. This is the company's best performance in over a decade. Its Net profit rose to 237 million pounds from 220 million pounds.
The company's chief executive Todd Stitzer said the company would have to face a tough operating environment, especially in the U.S. markets. He said Coca Cola and PepsiCo will be hiking their marketing spent in the second half.
"Although the external environment is likely to remain challenging, we will continue to increase investment behind long-term growth and expect to deliver within our goal ranges for the full year," he added in a statement.
In product terms, Cadbury Dairy Milk -- in its 100th year -- showed a 9 per cent increase in sales, while Trident gum and Halls cough sweets rose 15 and 17 per cent respectively.
The company said its new range of carbonated soft drinks boosted its share of the key U.S. market at the expense of rivals like Coca Cola Co.
Its sales in Latin America rose by nearly 20 per cent, while sales in Europe, the Middle East and Africa were better than expected, with like-for-like sales growth of 5 per cent in the U.K. and Spain.
The company has appointed Jim Chambers, president of Remy Amerique, as its new president of Americas Confectionery business. Chambers will take over from Matt Shattock, who has become the new president of confectionery for Europe, the Middle East and Africa.
The company had in May acquired Green & Black's, the U.K.'s fastest-growing chocolate maker, to meet the demand for organic chocolate with higher cocoa content and less sugar. It also bought Pfizer Inc.'s Adams Candy unit in 2003.
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