It pushed through 3,000 job losses 2,500 in North America and 500 in Europe compared with its initial estimate of 2,400, according to Canadian press reports.

Strict employment regulations have slowed down the process in France, chief executive Charles Cavell told the groups AGM last week, adding that the planned cuts were now 85% complete.

The worlds largest print group also said advertising revenues in North America were starting to recover, which would lead to more printing business in six to nine months. But the European division is not performing as well as its North American or South American operations.

Quebecor World has appointed former Canadian prime minister Brian Mulroney as chairman, replacing Jean Neveu.