Finnish food group Raisio conceded its target of improving full-year EBIT could be more “challenging” after it booked a decline in first quarter sales and earnings.

The company said today (8 May) that sales in the three months to end-March fell 9% as a “strongly declining” cereal market and issues around snack bar production in the UK offset improved confectionery results in Europe. The decline in operating earnings was steeper still, with EBIT dropping 32.5%.

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“Raisio’s aim to continue the improvement of its EBIT seems more challenging than expected in terms of organic growth, although the improvement was estimated to focus on the second half of 2014 when the ongoing streamlining projects are completed,” Raisio said.

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