Cadbury Schweppes reports 1% rise in profit
The improved performance came as cost cuts helped cushion the world's biggest confectioner from a weaker dollar, sluggish European soft drinks sales and higher raw material prices.
23/02/05 Cadbury Schweppes has posted a 1pc rise in 2004 profit in what the company’s CEO called “a good year with excellent progress in key markets, particularly the US.” The improved performance came as cost cuts helped cushion the world's biggest confectioner from a weaker dollar, sluggish European soft drinks sales and higher raw material prices.
Sales rose 5pc to £6.7bn aided by the inclusion of an additional week's trading while a cost-cutting program sliced £75m off expenses as the company closed plants and laid off workers. “In 2005, we will build on progress made in 2004 by increasing investment in marketing, innovation and science & technology. We have good momentum and Fuel for Growth cost reductions will deliver further significant savings. While the external commercial environment remains competitive, we are confident that we have the strategy, brands and people to deliver within our goal ranges in 2005,” CEO Todd Stitzer said in a statement.
