"In the wide-format and graphic arts markets, colour revenues increased considerably, thanks to customers implementing new colour products such as the ColorWave, Arizona and JetStream printers," said chairman Rokus van Iperen.

The company claimed that its 10% revenue fall to €631m (£579m) was better than the print industry average of 19%.

It reported a net loss of €25m, in part due to restructuring costs of €32m, as part of its previously announced plans. 

According to the company, 508 staff were made redundant in the quarter, bringing the total this year to 1,170, ahead of its target. Savings as a result of the restructuring were €38m in the quarter and €110m in the year to date.

Digital document systems (DDS) revenues declined 13% to €354m, although it reported good sales for the JetStream and ColorStream continuous feed colour products.

Wide-format printing systems (WFPS), was hit by revenue declines of 19% to €166m, due to weakness in the core graphics and construction and manufacturing markets. Display graphics revenues bucked the trend and increased revenues on the back of success with the Arizona UV-cured flatbed machine.