LONDON (ShareCast) - Dairy Milk maker Cadbury (Munich: A0NJP5 - news) has left its revenue growth guidance for the full-year unchanged
and said it has built on its good first quarter with improved trading in April and May.
The confectioner enjoyed strong sales in its UK homeland, with a strong performance in the UK offsetting difficult trading in Ireland, though things were tougher on the European mainland.
The group's major emerging market businesses in South America, the Middle East and Africa and Asia performed well, while the Pacific (002790.KS - news) business benefited from good seasonal chocolate sales and an improved candy performance in Japan.
North America revenue continued to recover from the impact of de-stocking early in the first quarter.
"As a result, despite conditions in Europe remaining very challenging, revenue guidance for the full year is unchanged, with the expected slower start to the year set to be balanced by a stronger second half, underpinned by planned new product launches," said the group.
"We reconfirm our full year guidance for revenue growth around the lower end of our 4-6% goal range and to make good progress toward our goal of mid-teens margins by 2011," added chief executive Todd Stitzer.
Margin guidance for the full year is also unchanged with the first half margin improvement expected to be higher than for the year as a whole.
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