The group reported 2022 sales up 1% at $7.1bn (£5.7bn). Sales were up 4.8% in constant currency terms. Xerox turned in a strong sales performance in Q4, with revenues up 9.2% at £1.9bn and adjusted operating income more than doubling to $178m.

For the full year, gross margins slipped from 34.1% to 32.6%, but pre-tax loss reduced by $100m, to $328m.

At the beginning of 2022 Xerox simplified its reporting structure into two segments: Print & Other, and its Fittle finance wing.

At its Print & Managed Print Services business, contractual print revenue grew “modestly” including the July 2022 acquisition of Go Inspire Group.

Xerox said that supply chain conditions had improved somewhat, but still remained volatile. It expects conditions to “normalise” by the end of June.

Demand for equipment remained “resilient”.

Installations of mid-range black-and-white devices soared by 68%, while mid-range colour devices jumped by 56%.

High-end colour device installs were effectively flat, up 1%. B&W high-end was down 8%.

Xerox made a further $450m of cost savings through its Project Own It, and said the culture change of cost discipline it had generated would be “key to driving higher profitability in 2023 and beyond”.

CEO Steve Bandrowczak, who took over last summer following the sudden death of John Visentin, said: “We have turned the page on 2022. Macroeconomic conditions remain uncertain, but this past year has proven that at Xerox, we can react and drive profitable results.

“I am confident we have the right team and strategy in place to deliver growth in profitability and returns in 2023 and beyond.”

Shares in Xerox had slipped from $17.53 to $16.21 ahead of the results announcement. They have since recovered to $16.78 (52-week high: $23.05, low: $11.88).