UK: Cadbury says first-half earnings "broadly level"
UK confectionery and beverage giant Cadbury Schweppes has said that it expects first-half earnings to be "broadly level" with 2002 in constant currency terms, but 5% lower including the effect of currency movements. In a trading update Cadbury Schweppes CEO Todd Stitzer said, "Overall revenue and earnings in our base business have made reasonable progress in constant currency against a background of weak trading conditions in the first half. This growth in earnings has been broadly offset by the dilutive impact of acquisitions. 2003 will be a transitional year for the business as we focus on building a stronger and more sustainable platform for future growth."
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