Cadbury to report strong results for 2008
December 16, 2008
by FoodBusinessNews.net Staff
LONDON — Despite the challenging economic environment, Cadbury P.L.C. is expecting strong profit growth for the year and financial results in line with expectations.
"I am pleased to confirm that the group has continued to perform in line with expectations and that we expect to deliver strong profit growth for the year as a whole," said Todd Stitzer, chief executive. "Looking forward, despite forecasting a 6% to 8% rise in input costs for 2009 and weakening economic conditions, we remain committed to delivering mid-teen margins by 2011 and making further progress towards that goal in 2009."
While growth has softened in North America, it has remained strong in South America. In addition, Britain, Ireland, the Middle East and Africa regions have continued to grow well, the company said.
Cadbury is moving toward the sale of the Australia Beverages business and said the separation of the integrated beverage and confectionery businesses in Australia is now well advanced.
Cadbury also said restructuring costs for 2008 are expected to be around £170 million ($260 million).