Profit after tax fell 49% to 51m (EUR84m) and operating profits were down 47% at 98m. Orders totalled 2.14bn and sales were 2.2bn.

Chairman Bernhard Schreier said the dip in orders clearly reflects the reticence to invest that has been prevalent in the USA since the beginning of the last calendar year, plus worsening global economic conditions.

Chief financial officer Dr Herbert Meyer said a realignment of production, reduction in inventory levels, 61m of cost cuts and an anticipated turnaround in the groups Web Systems division would help it reach its targets for the year as a whole.

Digital sales fell 15% and Web Systems sales dropped 7%, with a 75m operating loss. But Sheetfed sales were up 7% to 1.46bn.