Bakery products maker CSM fell 15% in early trading in Amsterdam after announcing it would not meet its full-year profit margin targets.

CSM, which books half its sales in the US, said earnings were affected by both the dollar and fluctuating raw material prices.
The company booked net profit of €65m in the first six months of 2008. First half earning in 2007 were boosted by the sale of CSM’s sugar division. First half turnover rose marginally to €1.25bn.