Recession-hit consumers turn to Cadbury's chocolate
Evidence that people do turn to chocolate during an economic downturn as number one UK chocolate maker Cadbury reports worldwide global chocolate sales were up 6 per cent in 2008, and the group's British chocolate market share rose by 0.5 percentage points to nearly 30 per cent.
Announcing the firm's 2008 results on Wednesday, Cadbury's CEO Todd Stitzer said the group had seen a particularly strong second half to 2008 in Britain, boosted by the re-launch of its Wispa bar and a new Creme Egg Twisted product.
Profits in 2008 for the group fell to £366 million pounds (€408 million), from £407m (€454m) in 2007, largely due to the loss of the company's beverage brands following the spin-off of the Dr Pepper Snapple Group.
For the 12 months to 31 December, Cadbury's registered total sales up by 15 per cent to £5.38bn (€6bn). Looking cautiously ahead, Stitzer said the firm "expects to deliver revenue growth around the lower end of our 4 to 6 per cent goal range".
