The digital kit manufacturer is to shed 300 more jobs as it accelerated its cost cutting programme "amidst today's economic turbulence". The announcement comes several months after the Dutch business announced it was to cut 800 jobs.

Océ's total revenues dipped by 4.1% to €676m for the March-May period, however although the company recorded a greater than expected loss for the quarter, free cashflow increased to €16.5m.

Chairman Rokus van Iperen said increased challenging market conditions had led to disappointing normalised operating income.

He cited a decline in revenues from the construction and manufacturing sectors as well as drops in government, healthcare and education for the decrease in sales.

The group now hopes to make €124m in savings for 2009.

Display graphics were a bright spot in Océ’s otherwise lacklustre second quarter 2009 results.

The company stated that despite an overall organic decline in the revenues of the Wide Format Printing Systems division by 17% to €179m, its display graphic business grew. Hardware sales grew as the market makes a move from analog to digital production, despite an overall fall in advertising spending.

The firm attributed its sharp fall in WFPS revenues to the dramatic slowdown in the construction and manufacturing industries, particularly in the US, hitting demand for technical doucments.