In the year to 30 September 2003 the companys consolidated revenue fell 4% to 31.1m (e44.1m), while pre-tax profit fell 9% to 10.6m.

Revenues for Artwork Systems, excluding the Enfocus business, fell 6% to 24.4m, while it recorded a net loss of 2.1m, compared to a net profit of 7.4m for the same period in 2002.

The loss was due to a 8.4m payment to settle a tax dispute that the company was having with the Belgian authorities over the acquisition of Artwork Systems shares by Artwork Systems Group.

Revenues for Enfocus Software grew by 16% to 5.4m, while operating income grew by 46% to 1.86m.

However, the firm expects revenue for the year to September 2004 to rise by 8% and for net profit to reach 7.89m. The forecasts are due to improvements in the worldwide economy, the US dollar stabilising against the euro and increased sales due to Drupa.

Artwork Systems Group chairman Guido van der Schueren said he was satisfied with the results.

Artwork Systems can finally focus on business only again, said van der Schueren.