A reorganisation at bakery ingredients group CSM due to ‘significantly lower consumer demand’ will lead to the loss of 500 jobs, the company said on Thursday.

The company, which issues a profit warning earlier this month, also announced third quarter earnings on Thursday. These show a fall in pre-tax profit from €53m to €28m. Turnover was up marginally at €785m.
The company did not give a full-year forecast and said it does not expect any improvement in market conditions before the end of the year.