The company posted a 46% upswing in EBIT to €266m on a 7% increase in revenues to €2.95bn, although the graphics division jumped 12.2% (16.7% including the effects of currency exchange) to €1.56bn.

The graphics division was bolstered by its acquisition of the Harold M Pitman pre-press distributor and its joint venture in China with Heidelberg which is rebadging and selling Agfa's Energy Elite plates. Agfa said these represented about half the overall revenue growth for the group.

Regionally, Agfa said that strong performance at trade shows, particularly in the US, boosted revenues, and noted strong growth in emerging countries, although Europe continued to lag the market.

However, the increasing price of silver, which is now at a 31-year high, impacted its computer-to-film manufacturing in the fourth quarter, although revenues for the graphics division grew more than a fifth to €429m (up 14.5% excluding currency factors).

Despite reducing net debt for the group to €161m from €445m, improving margins and meeting analyst expectations for 2010, shares in Agfa actually fell on the news, probably reflecting a decrease in margins for the fourth quarter and the likelihood that prices for raw materials such as silver would remain high.

The group maintained its guidance for 2011 although warned that increased raw material costs would start to impact in the second half of the year.

The company declined to comment on the results.