Spain's Campofrio Food Group has indicated that it anticipates organic sales growth of 2-4% year-on-year to 2012.

The company booked a decrease in organic sales of 5.2% in 2009 but saw sales inch up 0.4% to EUR1.83bn (US$2.53bn) in 2010.

However, today (10 March), in a statement to the Spanish stock exchange, Campofrio said that it expects the pace of revenue gains to pick up over the next two years.

"The economic environment remains challenging, but the strength of our business model allows us to keep the forecasts made last year," the meat group indicated.

The food company also estimated double-digit growth in EBITDA margin, which came in at 7.4% in 2009 and stood at 8.9% last year.

Meanwhile, Campofrio hailed the "successful closure" of synergies from its 2009 merger with Smithfield Foods' Spanish unit. Over the last two years the company has successfully implemented EUR39.5m (US$52.6m) in cost savings, meaning that it will meet its target of EUR40m in synergies in "almost half the time planned".