Agfa went into the red in 2001 due to falling sales and restructuring charges, largely as a result of its Horizon plan to improve efficiency.

A pre tax loss of 237m (euros 384m) was made on sales down 6.6% to 3bn, compared to pre tax profits of 167m in 2000.

Total one-off charges were 324m, of which 272 were from the Horizon project.

Graphic Systems sales fell 8.5% to 1.2bn, hit by the economic slowdown. Sales of CTP systems and plates grew 40-50% and Agfa claims it also grew its market share in CTP. Imagesetter and film sales declined, by a double digit rate although it maintained market share.

The firm expects the combination of improved trading in second half and cost savings from the Horizon plan to see it return to profit in 2002.