Cadbury expects strong first half
Shares in sweet manufacturer Cadbury moved higher after its outgoing chairman Sir John Sutherland said first half revenues should be at the top end of expectations.
Speaking at his last board meeting - and Cadbury's first since Cadbury Schweppes demerged into separate sweets and drinks companies - Sir John said the year had started well.
"Following the demerger, I am very pleased to confirm that the new company is off to a strong start with revenues in the first half expected to be above the top end of our goal range and trading margins around 150 basis points ahead," he said.
(Article continues below)Advertisement
"This performance reflects the combination of increased marketing investment, higher pricing and successful early execution of our cost reduction initiatives."
He makes way for Roger Carr, who becomes chairman on July 21. Guy Elliott, currently chairman of Cadbury's Audit Committee, becomes the company's senior independent director.
The demerger of Cadbury Schweppes was announced last October. The drinks arm of the company now trades on the New York stock exchange under the same Dr Pepper Snapple.
