Group sales came in at €735m for the quarter, down 3.4% year-on-year, while the Agfa Graphics division experienced a 6.8% drop in sales to €356m compared to the same quarter in 2008.

The fall, however, was less severe than the year on year decline in sales in the graphics business throughout 2009 of 16.7% in Q1, 15.3% in Q2 and 8.8% in Q3. Agfa cited the "continuing recovery" of the graphic markets for the improvement.

The company also significantly cut its net debt from €673m to €445m.

Jo Cornu, who steps down as chief executive at Agfa at the end of April, said: "In Agfa Graphics, we are noticing a recovery of the market, which declined up to 20% at the peak of the economic crisis.

"We are well positioned to take advantage of some of the recent growth initiatives in 2010."

Cornu, who will be replaced by Christian Reinaudo, currently head of the company's healthcare division, added: "We are obviously pleased with these results, which we achieved in full economic crisis.

"In the fourth quarter of 2009, we have taken full benefit of the efforts of the past two years to reduce costs and improve operational efficiency."

According to the manufacturer, the group’s net result for the year is expected to come in at €6m.