LONDON: Confectioner Cadbury on Tuesday sought to step up its defence against a hostile multi-billion-dollar takeover bid by US giant Kraft Foods, telling shareholders that 2009 had been "outstanding."

Cadbury repeated its claim that Kraft's cash and shares offer worth 10.5 billion pounds was "derisory" and maintained its revenue targets for 2010.

"Our performance in 2009 was outstanding," Cadbury's chief executive Todd Stitzer said in a statement outlining his company's performance and outlook.

Group sales rose five percent last year, Cadbury said.

"We generated good revenue growth despite the weakest economic conditions in 80 years.... Looking forward to 2010, we are targeting revenue growth within our 5-7 percent goal range."

Kraft is the world's second-biggest snacks group after Nestle. Cadbury is the second largest confectionery company behind Mars.

A tie-up between Kraft and Cadbury would merge leading Kraft brands Oreo biscuits and Maxwell House coffee with Cadbury's Dairy Milk chocolate and Trident chewing gum.