At the Cadbury Schweppes (NYSE: CSG) AGM held yesterday, Chief Executive John Sunderland reviewed the results for 2000, and made the following comments regarding the outlook for Cadbury Schweppes:
“After four months’ trading we remain confident of achieving our forecast financial targets for the full year despite the slowing world economy.
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“US beverage volumes in the first quarter were up by 10 percent, including acquisitions, over the same period last year. Carbonated soft drinks volumes performed in line with the market, which we estimate fell by around 1 percent in the period. This compares with a strong first quarter in 2000, when our carbonated volumes grew by 4 percent. Our non-carbonates business displayed strong underlying growth. The Snapple Beverage range has had a slow start to the year, broadly in line with the sector, but we are confident in the programmes we have put in place for the important summer season.
“Overall, confectionery volume is positive. In our major markets, Easter sales were good although the challenging trading conditions experienced in 2000 have continued into this year. The relaunch of Hollywood in France and the integration process are progressing well. Emerging market volumes have been encouraging.
“Late last year we confirmed that we were in discussion with Pernod Ricard regarding the purchase of Orangina and other soft drink brands. These discussions are progressing positively and we are reasonably confident of reaching an agreement in the near future”.
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By GlobalDataCadbury Schweppes is a major global company, which manufactures, markets and distributes branded beverages and confectionery products around the world. With origins stretching back over 200 years, today Cadbury Schweppes’ products — which include brands like Cadbury, Schweppes, Dr Pepper, Snapple, Trebor and Bassett — are enjoyed in almost 200 countries across the world. Employing over 36,000 people, the Cadbury Schweppes group is the world’s third largest soft drinks company and the fourth largest confectionery company.
