Cadbury No margin for error

Cadbury Schweppes has been made to suffer ever since revealing last autumn that it would miss its margin target for 2005. Shares in the UK confectionery group underperformed the FTSE100 by 20% over the next four months, until revived by some fanciful takeover speculation in recent days. That was harsh. The miss was not a disaster. Margins still grew by 30 basis points compared to a target of 50-75 basis points - not bad, given soaring oil and sugar prices. Meanwhile, Cadbury reported its strong...