UK: Cadbury-Schweppes Europe woe

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Cadbury-Schweppes (CS) has warned that its European drinks business is struggling. The company remains on track to deliver sales growth at the lower end of a 3% to 5% range for 2004, however.

In a full-year trading update yesterday (15 December), CS said that its US soft drinks business was performing well, but that Europe has been tough, partly due to bad weather during the summer months.

Speaking on a conference call to reporters, chief financial officer Ken Hanna said: "2005 looks encouraging at this stage."

Hanna also confirmed the company is on track to deliver cost savings as part of its 'Fuel for Growth' program. In October 2003, Cadbury outlined the plan to cut its workforce by 10% and close around 30 of its 133 global factories over the next four years. It also introduced new growth targets, aiming to grow net sales by between 3% and 5% every year. This figure excludes growth from acquisitions.

Sectors: Soft drinks, Water

Companies: Cadbury

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