The pre-press group reported net earnings of 3.2m ($5.5m) for the year to 30 September 2003, reversing its 14.4m loss last year. Revenues grew 7% to 343m.

Chief executive Amos Michelson said the groups sales in Europe, the Middle East and Africa had been boosted by success with medium-sized commercial printers.

Revenue growth in 2004 would be driven by its consumable and digital print strategies, he added, with the execution of its consumables strategy expected to grow sales by 50%.

Although Creo expects a temporary lag in digital print sales in the Americas in the first quarter of 2004, this would improve again in the second quarter, he said.

Fourth-quarter revenues rose 9% to 89.1m, making it the firms best quarter for two years.

Creos revenue forecast for the first quarter of 2004 is roughly in line with the fourth quarter at 87-91m.

Creo also benefited from a 13m windfall from the sale of its stake in Printcafe.