Cadbury Schweppes said it anticipated earnings for the first half - including acquisitions - to be “broadly level with 2002” but warned of the effect of negative currency movements.

The chocolate and soft drinks giant said fluctuations in exchange rates could peg earnings back some 5% and that restructuring costs would be higher after the acquisition of US sweet firm Adams.

Ahead of its interim results Cadbury chief executive officer Todd Stitzer said that 2003 would be a transitional year for the business as it focus on building a stronger and more sustainable platform for future growth.