Agfa blamed the decline in its revenue, which fell 8% from £291m (€424m) last year to £267m, on the discontinuation of some of its unpro­fitable analogue consumables.

Similarly, Kodak GCG attributed its fall in sales, down 1% to £437m, to volume declines in its traditional pre-press products and an unfavourable price mix in its digital printing and enterprise divisions.

Both firms reported pro­gress in their cost-saving initiatives. Agfa’s plan to reduce costs by £171m annually showed its first results in the form of a £10m drop in group sales and general administration costs, while Kodak posted a similar decrease in costs for its GCG arm.