The German press manufacturer said that it had achieved this despite a 40% drop in demand compared to 2007 with a raft of cost-cutting measures that included shedding more than 1,000 jobs, along with other savings that reduced overheads by more than €100m.

Group orders for the year came in at nearly €890m, down 28% year-on-year, while sales were €1.06bn, some 31% down year-on-year. The company said that demand for web presses was weaker than expected, while sheetfed still delivered a loss, but a far narrower one than the previous year.

Klaus Schmidt, senior vice-president for marketing and communications, said demand in China and Latin America was growing, but that the US and Europe, with exceptions such as Poland and the Czech Republic, had seen demand drop up to 50% in the sheetfed sector.

He added that reducing staff levels at KBA had been "very painful".

Schmidt said that for the 2010 financial year, KBA should break even, but the company still planned to make a further 700 roles redundant, mainly within its web division.

"We are on a good road and our goal for 2010 is to break even or turn a small profit," he added.