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Cadbury 2008 profit down 10% amid divestments

Cadbury 2008 profit down 10% amid divestments
AP
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First Published: Wed, Feb 25 2009. 02 28 PM IST
Updated: Wed, Feb 25 2009. 02 28 PM IST
London: Cadbury PLC’s profits fell 10% in 2008 as it shed its beverage units in North America and Australia, but continuing operations more than doubled their profits for the year, the company reported Wednesday.
The company, which makes Cadbury chocolates, Trident and Dentyne gum, and Halls and Bassett’s candies, said net profit dropped to £366 million ($532 million) from £407 million in 2007.
Revenue was up 14.6% to £5.38 billion.
Continuing operations, now focused on Cadbury’s chocolate, chewing gum and candy business, produced a net profit of £370 million, up from £149 million in the previous year.
Cadbury reported growth in all segments: chocolate was up 6%, gum up 10% and candy up 6%.
For the current year, Cadbury forecast revenue growth at the lower end of its goal range of 4% to 6%.
Cadbury, formerly Cadbury Schweppes, completed the demerger of its Dr Pepper Snapple Group in May, and announced a deal to sell its Australia Beverages unit in December. It took a charge of £194 million for restructuring costs, up from £165 million in 2007.
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First Published: Wed, Feb 25 2009. 02 28 PM IST