Pfleiderer has reported first-quarter revenue of €358m – 23.5% below the first quarter of 2008.

Earnings before interest, taxes, depreciation and amortisation fell by 12.7% to €52.7m.

The company said there was very weak demand, especially in the first six weeks of the year, and revenue was also reduced by exchange rate effects totaling €14.1m.

However, lower raw materia prices and efficiency improvements increased Pfleiderer’s gross margin to 28.7%.

Chairman Hans Overdiek said that, in view of the market, the company could be “just about satisfied” with the results.

“Without the measure we took in time to improve efficiency and reducts costs, we would be in a significantly worse position today,” he said.