The parent company of Cadbury, Mondelēz, has reported a solid Q3 performance, with a 2.3 per cent increase in net revenues in the third quarter to approximately £7.4bn.

The overall gross profit increased by £976m compared to the previous year, which was driven by a favourable foreign currency exchange impact.

Mondelēz’s operating income went up by approximately £755m compared to last year and the operating income margin was 17.6 per cent.

According to the company, the financial results were positively impacted by lower raw material costs, decreased manufacturing costs and higher net pricing.

Mondelēz’s diluted EPS surged by 78.9 per cent to approximately £0.76, which was positively impacted by a positive year-over-year change in foreign currency translation.

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Dirk Van de Put, chairman and CEO of Mondelēz said: “We delivered strong third-quarter results, driven by broad-based volume growth and robust share performance.

“We continue to see top- and bottom-line growth momentum across both developed and emerging markets while significantly reinvesting in our brands, innovation, and distribution.

“We are resolute in delivering volume-led, compounding earnings growth that creates value for shareholders. We remain confident that our attractive categories, iconic brands, advantaged geographic footprint, and consumer-centric capabilities will sustain our performance for years to come.”

Moving forward, the business maintained its future financial guidance of organic net revenue growth of at least 2 per cent and adjusted EPS growth within the range of flat to 5 per cent. The company also estimated a free cash flow of approximately £2.2bn.

The business also announced plans to expand its portfolio with the acquisition of Undercover Snacks which is a quinoa crisp line, as it aims to go into high-growth segments.