However, while sales fell 23% to €2.3bn (£2bn) for the 12 months to 31 March 2010, Heidelberg said that its business had stabalised in the fourth quarter.

Sales in the fourth quarter were up 24% on the previous quarter, coming in at €715m, while incoming orders were also up, rising 11.3% from €609m in Q3 to €678m in Q4.

Heidelberg chief executive Bernhard Schreier said: "A marked upward trend was evident in the second half of the year, which was primarily influenced by the traditionally strong fourth quarter.

"Now the aim of our further cost-cutting measures introduced at the end of March is to achieve a break-even operating result for the next financial year."

Dirk Kaliebe, chief finacial officer at Heidelberg, added: "We recorded a further increase in our sales volume of around 24 percent on the previous quarter and, for the first time since the economic and financial crisis started, we achieved a positive operating result excluding special items."

The operating result for the fourth quarter was an €11m profit, which compared favourably with a €13m loss in Q3. However, special items amounting to €48m meant the company was still in the red with an operating loss (including special items) of €37m.

As a result of Heidelberg's cost-cutting programme, employee numbers fell from 18,926 on 31 March 2009 to 16,496 by 31 March 2010.