Sweet results for Mondelez after snacking boom boosts turnover

Food giant Mondelez, which owns Cadbury and Grenade, has posted better-than-expected quarterly results on the back of a snacking boom brought on by Covid-related lockdowns.

The firm’s European business saw its revenues grow by 10.2% to £2.05bn after a move towards healthier options, which brought about the acquisition of protein bar firm Grenade.

Mondelez’s overall revenue rose to £5.22bn from £4.83bn a year ago, beating analysts’ predictions.

“Our first quarter results demonstrate that we are emerging from the COVID-19 pandemic stronger, as we continue to build upon our track record of robust growth, profitability and cash generation,” said Dirk Van de Put, chairman and chief executive officer.

He added: “We saw continued improvement across emerging markets, healthy demand in developed markets and another quarter of strong share performance. We remain squarely focused on accelerating growth by further strengthening our core brand and expanding our presence in high-growth channels, categories and adjacencies. Our strategy is working, and our business is better positioned than ever before.”

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