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Bosch increases profits

Bosch increased its pre-tax profits from €3.1 billion (£2.4bn) in 2006 to €3.8bn (£3.01bn) in 2007.

The German automotive technology manufacturer increased its sales revenue by 6% to €46.3bn (£36.7bn).

Franz Fehrenbach, chairman of the Bosch board of management, said: "For the Bosch Group, 2007 was a successful year.

"We achieved our sales and earnings targets. The fundamental strategy of the Bosch Group is the right one. Worldwide, we have a broad spectrum of growth."

Bosch invested £4.91bn into the company during 2007, €3.6bn (£2.85bn) of which went into research and development.

Fehrenbach said he was cautiously optimistic for this year: "Despite all the worries about the economy, we have good reason to be confident.

"The operating environment may have weakened, but we do not foresee a global downturn. We expect the Bosch Group to continue to perform well on the whole."

Fehrenbach expects Bosch Group sales to increase by 5% in 2008, despite the strong euro. In addition, the company aims to once more achieve its target for pre-tax return on sales of seven to eight percent.

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