Your Money: LIFE SWEET FOR CADBURY
Posted on: Wednesday, 27 July 2005, 06:00 CDT
WIDESPREAD sackings and soaring sales of Dairy Milk helped Cadbury Schweppes to its best performance "in recent history".
Boss Todd Stitzer said his controversial Fuel For Growth plan was on track, with half-year profits up 10 per cent to pounds 344million.
Group sales rose six per cent to pounds 3.1billion on the back of rising demand for Dairy Milk in the UK and US.
The underlying performance - which excludes the boost from takeovers - was the best for a decade.
Stitzer said: "This is our fastest sales growth in recent history. It's outstanding."
The firm is axing 5,500 jobs - 10 per cent of the global workforce - to free up cash for promoting Cadbury's biggest sellers, including Dairy Milk, Trident chewing gum and 7UP.
Stitzer, a self-confessed Bertie's Fruit Allsorts addict, said growth could slow in coming months as rivals Pepsi and Coca-Cola raise their game. Shares rose 1.0 per cent.
Source: Daily Mirror
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