News

Paper manufacturer Fedrigoni Group has announced a 9.4% increase in turnover for the last financial year.

Total turnover for the year was up to €625m (£485m), resulting in a net profit of €31.2m for the 2007 financial year.

Fedrigoni said its positive results were in spite of a substantial increase in the cost of energy and raw materials, and a "vigorous" increase in the value of the euro against the US dollar and the pound, which is causing paper products to be concentrated on the European market, thus leading to price tensions.

It also said the results are the outcome of its commitment to developing new products and moving into new markets.

In the first months of 2008, the group claims it has replicated, and in some areas, improved on sales in the previous year.