Chewing away

18 February 2004

The confectionary group s earnings fell slightly on its integration of Adams. But so far the acquisition is on track to deliver synergies. Cadbury s next challenge is to prove it can deliver on its mammoth cost cutting plan.

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Cadbury Schweppes reported better than expected results for 2003 on Wednesday. The confectionary group said that sales increased 22% to £6.4bn and underlying profit before tax fell 1% to £922m.

Cadbury said that Adams, which it acquired in March for $4.2bn, was modestly dilutive to earnings but gaining market share in the US and Canada.

For 20042007, Cadbury has set out targets of sales growth of 3%5% and operating margin growth of 50 to 75 basis points per annum and free cash flow growth of £1.5bn over the period.

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