Production, which includes commercial print, grew equipment sales by 3%, but sales were flat overall due to a decline in consumables, service and finance revenues.
Colour equipment drove growth, primarily due to the iGen3 with a rise of 18%, but the firm's new light production black and white machine, the 4110, also helped push black and white kit sales up by 1%. Revenues for the division were 633m ($1.1bn) operating profit fell 35% to 45m.
Total revenues rose 2% to 2.3bn, operating profit rose 5% to 194m, but restructuring charges of 112m and other expenses led pre-tax income to fall 57% to 67m.
Having missed Wall Street estimates the firm's shares fell 7% on Monday when the results were released.
Story by Barney Cox
Have your say in the Printweek Poll
Related stories
Latest comments
"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
"It's amazing what can be found on the "web" nowadays!"
