/ 24 February 1999

CADBURY LOOKING AHEAD

CADBURY Schweppes (SA) will have a tough first half in 1999, but it should be offset by an upturn in the economy in the second half and restructuring, the company’s chairman said. “It was a tough year… There is no doubt in the second half that consumer demand fell off and it coincided with a year in which we undertook a number of major transforming projects,” executive chairman Peter Bester said on Wednesday. Year headline earnings per share were 45.8 cents versus 40.1 cents previously and the dividend was up to 18.3 cents from 16.0 cents. Nonetheless, Bester said high interest rates and the overall recession in the economy hurt consumer demand. The firm has about a 38% market share of South Africa’s confectionery market and roughly 16% of the carbonated soft drink market.