The world's largest press manufacturer recorded net sales of €1.2bn (£1.03bn) for the six months to 30 September, up 18% on the first six months of 2009, while its pre-tax loss of €106.1m was down 44% on last year's €188m H1 loss.

Sales were particularly strong in the second quarter, improving 27% versus the previous year to €633m and growing 12% versus the first quarter of 2010 (€563m).

"The continuing economic recovery made our customers more willing to invest in the first half-year, but developments varied greatly from region to region," said chief executive Bernhard Schreier. "While Asia, Latin America, and Europe are all seeing growth, there is still no significant recovery in evidence on the key US market."

The biggest improvement came in Heidelberg's first half operating result, which improved to a €19.2m (£16.4m) loss excluding special items, compared with a €139.3m loss last year.

"The positive development in operational business in the first half-year shows that we are on the right track with our strategic realignment," said Schreier. "This confirms our forecast for the year as a whole."

Heidelberg's first half net result, an €88m loss, was adversely affected by significantly higher financing costs, which soared 79% to €87m, although the company stressed that it had reduced its financial burden following its recent capital raise.

Heidelberg chief financial officer Dirk Kaliebe said: "We have used all the proceeds from the successful capital increase to repay our liabilities and have thus significantly reduced our financial burden."

This has enabled the manufacturer to reduce its net financial debt by €386m to €243m in the second quarter. "Heidelberg now has a much more stable capital structure and is on track to become profitable," said Kaliebe.