Group turnover, recurring EBITDA and recurring EBIT all fell at the Belgium-based pre-media giant, as the economic slowdown affected its businesses in the second half of the year.

Group turnover fell 7.6% to €3bn, whilst recurring EBITDA and EBIT were down 25.3% and 29.9% respectively, to €254m and €138m.

The company said: "In the second half of the year, the bad economic conditions clearly affected all three business groups. Both Agfa Graphics and Agfa Healthcare reported a considerable impact on their investment goods sales."

Despite the poor group results, which prompted up to an 8.4% drop in the company's share price, Agfa Graphics increased its recurring EBIT 6.4% for the year, from €60.6m, or 3.8% of sales, to €64.5m, or 4.2% of sales.

In addition, in the fourth quarter, recurring EBIT rose 24.1% year on year, from €14.5m to €18m, or 4.7% of sales.

Agfa Graphics said that it was on track with its plans reduce its Selling, General and Administrative (SG&A) costs, which were €36m lower than in 2007.

"These efforts allowed the business group to compensate for the effects of the high raw material costs and the weak economy," said the company.

Efforts to reduce group SG&A costs were also on track, with the monthly rate reduced from €61m to €54m and the annual costs decreased €118m, which was ahead of the company's €100m target for the year.

Agfa Graphics highlighted growing interest in its inkjet systems in the fourth quarter, including the first sales of its Anapurna technology in Asia.

In China Agfa Graphics supplied the Shanghai Publishing and Printing College (SPPC) with a CTP system, Azura chemistry-free printing plates and workflow software.