John Sunderland, CEO of UK confectionery and soft drinks giant Cadbury Schweppes, took to the stand at the company’s AGM yesterday [Monday] to review the company’s results for 2001 and comment on its outlook for 2002.
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Sunderland said, “The first four months’ trading of 2002 have been satisfactory and we remain confident of achieving our financial targets for the full year.
“North American beverage volumes rose 6% during the Q1 2002, or 2% net of acquisitions. Our non-carbonated soft drinks portfolio overall continued to grow strongly. Brand transfers and refranchising in our carbonated soft drinks (CSD) business led to some softness; excluding this impact, CSD volumes were slightly ahead during the quarter.
“Confectionery volume growth has been encouraging in the majority of our markets. In the UK, Cadbury Trebor Bassett had a good start to the year, continuing the stronger performance seen toward the end of 2001.
In conclusion, Sunderland said, “In addition to a sound start to 2002, we have also made a number of acquisitions designed to further strengthen our business. These include a 51% interest in Kent, Turkey’s leading sugar confectionery manufacturer, the Squirt brand in Mexico and Nantucket Nectars in the US.”
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