German baker Kamps AG has reported falls in sales and profit in 2004, but says its cost-cutting programme is on course.
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Results for 2004 were as expected, the company, a subsidiary of Barilla, said. Turnover was €1.404bn (US$1.83bn), compared with €1.489bn in 2003 while earnings before interest, taxes, depreciation, and amortization (EBIDTA) was €102m compared with €127m.
Kamps chairman Nicos Sophocleous said that the company was putting its strategy into action. It had made progress with the integration of its supply chain and on the basis of early results Kamps expected to achieve the planned cost savings of €37m in 2005.
Plans to close four plants in 2005 were in progress. Kamps raised investment to €75m in 2004, from €55m the year before, with the building of a new industrial bakery in Lüdersdorf which is said is a key element of its supply chain concept for Golden Toast und bake off products.
The company expected net turnover to be €1.4bn in 2005, with EBITDA rising to €127m.
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