21 July 2004 - 2004 Half Year Highlights
-Base business sales growth at 3% led by Smart Variety and innovation
-Dr Pepper volumes ahead 3% and diet soft drinks 23% ahead in US
-Cadbury Trebor Bassett continues to benefit from focus on core brands, with sales ahead by 3%
-Fuel for Growth cost savings on track and underlying margins increase 30 basis points
-Underlying EPS 9% ahead, benefiting from strong Adams contribution
Todd Stitzer, Chief Executive Officer, said, "I'm pleased to report a good first half performance with results in line with expectations. Our focus on innovation and marketplace execution have driven sales growth and share gain, particularly in our US carbonated soft drinks business, our UK confectionery business and our major gum operations around the world. The Adams integration is on track and the business is performing well.
"Fuel for Growth is delivering as expected and we are achieving margin growth despite some above inflation cost increases. Although we have a number of challenging integration projects in the second half, we remain cautiously optimistic about the outcome for the full year and expect to deliver results within our goal ranges."