Profitability was positively affected by the group's cost-cutting plan, which reduced its average monthly selling, general and administrative expenses from €54m in 2008 to €46m in 2009, and by lower raw material prices.

Group revenue for the year fell 9.1% to €2.8bn, as equipment orders were impacted by the global recession, although Agfa said the "crisis-driven decline" in its markets had started to bottom-out in the second half of the year.

Revenue at the Belgium-based manufacturer's Graphics division fell 11.9% to €1.3bn due to the persistant impact of the economic slowdown, however, sales of both its inkjet and pre-press products picked up in the last months of 2009.

Agfa said it expected the graphic markets to recover in 2010. It added that the effects of its venture with the Chinese Shenzhen Brothers company and its purchase of Gandi Innovations would kick in over the course of 2010.