The German press manufacturer said its sales figures between April and June grew by 20% year-on-year to €530m (£449m), with the increase largely attributed to the rise in the number of new machines delivered.

Europe and North America recorded particularly positive developments, it added, although results in China were sometimes weaker compared to the previous year due to the extensive lockdowns in economically relevant cities.

Thanks to higher sales and the ongoing reduction of structural costs, Heidelberg significantly improved its EBITDA in the first quarter, recording an increase of €20m to €35m. The company said it was possible to pass on sustained increases in material costs.

“The positive start to the new financial year gives us cause to be cautiously optimistic as we look forward,” said CEO Ludwin Monz.

“Provided there is no downturn in the general economic environment, we are confident we will reach the annual targets we have set. We will support our growth by expanding our products and services for digital printing in the label market and launching new, networking-capable wallboxes in the electromobility sector.”

Despite ongoing global uncertainties, Heidelberg said it believes it has good opportunities for profitable growth in the 2022/23 financial year.

It continues to expect its sales figures to grow to around €2.3bn (2021/22: €2.183bn), provided there is no significant downturn in the general economic environment.

Profitability is also expected to improve further. The business forecasts further improvement in its EBITDA margin, to at least 8% for the 2022/23 financial year (2021/22: 7.3%). The net result after taxes is also expected to increase slightly compared to the 2021/22 figure of €33m.

Incoming orders of €607m in the first quarter showed a return to the pre-pandemic 2019/2020 level of €615m, Heidelberg said, even though business in China was curbed by the two-month Covid-19 lockdown in Shanghai, and the war in Ukraine resulted in weaker demand in Eastern Europe.

It was therefore not possible to reach the previous year’s high figure of €652m, Heidelberg added, as this had been unusually high due to the China Print trade show in 2021. However, the firm's order backlog saw a further increase of 15% during the first quarter, totalling €969m on 30 June 2022.

Heidelberg CFO Marcus Wassenberg added: “In addition to the recovery of the markets, we are increasingly reaping the benefits of the measures we have taken to boost efficiency within the group.

“At the start of the new financial year, Heidelberg has again made itself more robust and is in a good financial position. We therefore feel confident as we look to the future, in spite of the economic risks.”