Cadbury States Case to Remain Independent

LONDON (TheStreet) -- Cadbury(CBY Quote) said third-quarter revenue rose 7% and it raised its full-year sales guidance, stating its case that it should remain independent from Kraft Foods(KFT Quote).

Cadbury saw 7% growth in chocolate in the quarter, led by continued strong performances in the U.K., India and South Africa. It also said growth improved in gum (up 4%) and candy (up 11%), on strong performances in emerging markets and growth in North America and Europe.

The U.K. confectionary company said year-to-date underlying operating margin growth was more than 180 basis points. It said 2009 underlying operating margin is expected to improve by at least 135 basis points from 11.9% in 2008.

Cadbury said 2009 revenue growth in constant currency is now expected to be around the middle of its 4% to 6% goal, and "improved momentum increases our confidence in good revenue growth in 2010 and 2011."

"The strength of our operating performance continues to underpin the board's confidence in both our growth prospects and the potential for creating further, material shareholder value as a pure play standalone confectionery business," said Chairman Roger Carr, in a statement Wednesday.

Cadbury has been fending off a $16.7 billion unsolicited bid from Kraft Foods made in September.

Earlier this month Kraft was given until Nov. 9 by the U.K.'s Takeover Panel to make a firm offer for Cadbury or announce it doesn't plan to submit a bid.

-- Reported by Joseph Woelfel in New York .

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