Cadbury Schweppes is cautiously optimistic about its full-year performance and expects to deliver results within target ranges.
"The improvement in performance seen in the fourth quarter of 2003 has continued into 2004. All of our key businesses have had an encouraging start to the year," the world's largest confectioner said today.
Cadbury also said underlying first-half operating margins, before associates and at constant currency, should be modestly higher year-on-year and that group sales growth should be within its forecast ranges for the base business at constant currency.
Last October, Cadbury unveiled a four-year plan aimed at annual sales growth of 3-5 per cent and raising margins by 50-75 basis points per year.
Cadbury shares, which have outperformed their sector by 5 per cent this year, closed at 443 pence on Thursday to value the company at £9.16 billion.