Cadbury revenue up 7% in third quarter
October 21, 2009
by FoodBusinessNews.net Staff
LONDON — Cadbury P.L.C. said revenue rose 7% in the third quarter behind improved growth in candy and gum and continued good performance in chocolate.
"We have great momentum in our business and our confectionery strategy continues to yield benefits beyond expectations," said Todd Stitzer, chief executive officer. "In the third quarter we have delivered growth in every category and every business. At the same time we have maintained our investments in innovation and marketing to reinforce our commitment to delivering future growth."
Specifically, growth in chocolate was up 7% and led by strong performances in the United Kingdom, India and South Africa. Gum was up 4% and candy was up 11%, reflecting strong performances in emerging markets and growth in North America and Europe. Overall revenue in North America was up 1%.
"The strength of our operating performance continues to underpin the board’s confidence in both our growth prospects and the potential for creating further material shareholder value as a pure play standalone confectionery business," said Roger Carr, chairman.
The company said it is increasing guidance for revenue growth to be around the middle of the 4% to 6% goal range for the year.