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Recession tastes sweet to buoyant Cadbury
29 Jul 2009Dairy Milk maker Cadbury today reported a 10% surge in chocolate sales as sweet-toothed customers struggling through the recession stayed in at night with comfort food and a film.
“Our growth in the UK is particularly strong, driven by consumers pulling back to buy affordable indulgences,” said chief executive Todd Stitzer. “People want to hunker down, stay at home and treat themselves while watching a DVD.”
There was particularly strong demand for the company's new range of bagged chocolate products such as Cadbury Clusters, Cadbury Peanuts and Cadbury Raisins.
It helped drive overall sales at Cadbury 4% higher in the first half to £2.8 billion.
Profits fell from £134 million to £112 million after restructuring charges related to the demerger with Schweppes last year. Underlying profits were up 11% to £262 million.
Cadbury said it was on course to deliver revenue growth “around the lower end” of its 4% to 6% range and warned that there was little sign of economic recovery.
Reader views (1)
Don't forget when your scoffing Cadbury's, that they moved their factories to Poland to get maximum profits at the expense of British workers. We are the biggest chocolate eaters in Europe, but Cadbury's obviously want more of our money, because the price of chocolate hasn't gone down, so the move to Poland was about more profits for the shareholders, so think carefully whatever you eat nowadays, make sure it is made in the UK.
- Ros, London UK, 29/07/2009 13:38
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