The press manufacturer reported sales up 2.6% to €544m (£469m) in the three months to 30 June, while adjusted EBITDA was €18m higher, at €42m, resulting in margins improving from 4.6% to 7.7%.

Although sales in Asia “grew strongly” trading in other markets was described as “rather muted”.

Incoming orders slipped to €591m from €607m, and the order backlog was down 9.5% at €877m.

Sales of packaging products jumped by 25%, including the new Boardmaster for high-volume carton printing, announced in May.

Heidelberg also highlighted market demand for the new Gallus One digital label printing press.

The absence of special items – such as asset sales – resulted in negative free cash flow of €27m.

CFO Tania von der Goltz reiterated the importance of the group’s value creation programme, including strict cost discipline and making sure that increases in costs were offset by price increases.

Heidelberg has also restructured its loans and has agreed a new, increased, four-year credit line of €350m.

“The newly agreed financing structure underlines the financial market’s confidence in the strategic approach we have adopted to further boost the company’s financial strength and step up our investments in growth areas,” von der Goltz stated.