Since offloading its beverages business earlier this year, Cadbury has developed a welcome habit of accompanying its trading updates with upgrades to profit forecasts.

So the fact that today’s third-quarter statement from the £7 billion chocolate and gum maker contained no change to numbers might be considered a disappointment - however modest. Instead, Cadbury cautioned that it expected an acceleration in raw material costs next year - largely from cocoa - from 5 per cent to 6 per cent currently to between 6 per cent and 8 per cent in 2009.

There was much to reassure. Underlying sales are still rising at around 6 per cent, and a reorganisation of its regional operations should deliver further substantial cost savings.

The recent quandary with Cadbury has been persistent speculation of takeover activity - from either Hershey or Kraft - that has kept the shares at a steep premium to their peers.

Recent stockmarket turbulence has done much to erode that gap, such that Cadbury - whose products have affordability and limited own-label competition in their favour - now looks far more attractive. However, at 528p, or 15 times 2009 earnings, it is still too dear to buy.

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