In its Q3 results to 30 September Xerox posted sales down 0.4% at $1.75bn (£1.55bn), or up 4.4% at constant currency rates. The adjusted operating profit was $65m (2021: $74m). 

CEO Steve Bandrowczak, who was appointed to the role permanently in August, said he had been meeting in-person with customers, partners and employees across the globe, and had gained “greater insight into the range of opportunities we have to grow our business”.

“Top-line strength and cost discipline resulted in sequential improvement to our adjusted operating margin this quarter, but profitability remains challenged by persistently high inflation and continued supply chain constraints. In the near-term, we are focused on improving operating margins and free cash flow amid a challenging macroeconomic environment.”

At its Print & Managed Print Services business, supply chain conditions improved slightly, but less than expected, which limited the potential to improve margins. 

Xerox has lowered its full-year revenue guidance from at least $7.1bn to a range of $7.0bn- $7.1bn in actual currency, to reflect higher-than-expected currency effects associated with a weaker euro and pound. 

The business expects sequential operating margin improvement in Q4 and into next year. 

Xerox said the integration of Go Inspire into its IT & Digital Services division had already resulted in sales to clients of new customer engagement services, such as data-driven, results-focused campaign management solutions. 

Xerox acquired Go Inspire in July.

Xerox Holdings has also just published its 2022 Global Corporate Social Responsibility Report, which included climate change awareness training for all of its employees as part of its commitment to reaching a net zero goal by 2040.