The press manufacturer has revealed that sales will be below expectations and around 10% down on the previous year – between €800m and €820m – when it announces its second-quarter results on 6 November.

Heidelberg also said that, "due to declining sales and continuing negative effects", it expects to make an operating loss of €20m, excluding restructuring costs of a further €20m and an early-retirement scheme that could stretch to another €30m.

George Clarke, managing director of Heidelberg UK, said: "It's not a particularly benevolent environment for a capital equipment supplier at the moment.

"You've seen that with KBA's results, which weren't good, but you've got to be a bit cautious on quarters, because it's a very short period of time. I think quarterly reporting per se is not a very good guide to any capital equipment supplier."

Heidelberg's poor results come a week after KBA issued a profit warning, which it blamed on a "sizeable volume" of Drupa orders failing to materialise.

Similarly, Heidelberg has revealed that "based on orders generated at Drupa" it had expected a stronger increase in sales in comparison to the first quarter of the current financial year.

The company said that it recognised the "significant reluctance to invest in all regions because of the actual economic situation".

Heidelberg expects free cashflow for the second quarter to stand at between minus €70m and minus €90m, again due to the lower sales volume.

Meanwhile, it revealed that its restructuring program, announced in the first quarter, was on track, although it will now be expanded due to the recent economic developments.