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"With a number of measures adopted at the end of 2012, especially in the field of costs, we exceeded the planned results," Mlinotest CEO David Nabergoj wrote.

The group, which plans to expand to western EU markets this year, employed 733 persons at the end of 2013, a 8% reduction year-on-year.

The business plan for 2014 forecasts EUR 1.5m in net profit for the group, although the company expects the tough conditions on markets to persist.

The core company saw EUR 47m in sales revenue and a net profit of EUR 802,000 last year.