Agfa Graphics reports that it is on track with its plans to reduce its selling and general administration costs, which were €36m lower than the previous year.

However, the group continues that excluding currency effects, Agfa Graphics’ sales decreased 2.2 per cent to €1,522m with the market-driven decline in the analogue computer-to-film (CTF) segment continuing in 2008.

Following three quarters of growth, the market of computer-to-plate (CTP) printing plates and related equipment stagnated in the fourth quarter as a consequence of the overall slowdown in the printing industry, according to Agfa.

The company continues that in the fourth quarter, the worsening economic conditions forced Agfa Graphics to book higher than normal write-downs on receivables. Towards the end of the year, the business group also faced temporary production stops.

EBITDA decreased to €115.9m, or 7.6 per cent of sales, and recurring EBIT increased to €64.5m, or 4.2 per cent of sales.

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