Sales at the division grew by 15.4% to ¥289.2bn (£1.87bn), up just over 3% on projections. 

Operating profits at the overall printing business, which includes Office (sales of ¥757.1bn) and Prosumer laser printers and inkjet printers (¥892.5bn), jumped by 53.4% to ¥225.7bn. 

Canon highlighted the success of new products such as its VarioPrint iX series of cut-sheet inkjet printers, while sales of services and consumables “increased due to the recovery”. 

The Japanese group said that its Production division had almost recovered to pre-Covid levels. 

The overall group posted sales of ¥3,513bn, with operating profits jumping 155% at ¥281.9bn.

Profits at its Printing and Imaging (cameras) businesses recovered to double-digit levels, despite supply shortages, while its Medical wing posted record results. 

Its Industrial division reported significant growth in sales of semiconductor lithography equipment.  

CFO Toshizo Tanaka said the group aimed to make substantial progress with its five-year plan this year. 

“In this regard, although it is difficult to foresee the future due to the prolonged components and logistics constraints, we are steadily switching to substitute parts, and expect to see a gradual improvement after bottoming out in the first quarter,” he said. 

“Due to supply constraints last year, we currently have a large number of backorders, which will take a considerable amount of time to fill.”

He said Canon would also “aggressively invest in the sales of new businesses to achieve one trillion yen in new business sales for the first time”.

Tanaka also said that current component and logistical constraints, were expected to gradually improve. “However, it will take a significant amount of time before the gap between supply and demand disappears, and for the time being, the inflationary trend due to shortages is expected to continue.”