The manufacturer has pinpointed Drupa and "stable macroeconomic conditions" as factors for growth but also cited the recent worsening debt crisis in the US and Europe as major hurdles.

Sales during the three months from April to June came in at €544m. According to the manufacturer, these were below expectations, despite being level with the previous year after exchange rates were taken into account.

Revenues from incoming orders within the company's EMEA region hit €245m, which was down on the previous year, a period that benefited from the sales catalysed by Ipex.

Sales in Eastern Europe were also down 13% to €73m while North American sales were up 6% following the adjustment for exchange rate effects.

Heidelberg cited the Japanese earthquake disaster and the liquidity shortage in China as contributing factors for the manufacturer's sales but expected this to only have a temporary effect on business, with the former shifting sales into subsequent quarters.

Order backlog was up €84m sequentially to €718m.

Bernhard Schreier, chief executive of Heidelberg, said: "We are keeping a close eye on current economic developments across the globe, but it is difficult to predict what will happen.

"However, given the continuing high demand and strong economic growth on the Chinese market, we are assuming that the regional effects on business development at Heidelberg will be only temporary."

The company’s operating result improved compared to the same three months in 2010 from -€35m to -€25m. Heidelberg also cut its debt from €629m in the previous year to €260m.

Heidelberg is still targeting a pre-tax breakeven result during 2011/2012, a figure it still believes it can achieve through effects of its restructuring and lower financing costs.

However, the market has not reacted well to its latest results with shares trading at €1.47, after closing at €1.59 yesterday.