Provisional results for the year showed operating income for the year down 45% to 86m. This was due in part to a one-off write down of 14m related to its UK print management wing Practical Print Solutions and Oc Display Graphics Systems (PrintWeek, 15 October 2003).

During the year the firm completed a restructuring programme, which resulted in the loss of 1,450 jobs by the end of the financial year. This saved the firm 52m in 2003, which is expected to increase to 66m in 2004.

Oc is currently in consultation with the works council and trade unions over the relocation of some of its production to the Far East and Central Europe. It incurred a 5.3m charge related to redundancy costs to the fourth quarter.

Revenue for the fourth quarter fell by 8% to 516m (E746.9m). Exchange rates caused 7% of the decline. Operating income fell

34% to 32m, while Digital Document Systems revenues rose 2.1% in the quarter.

Although Wide Format Printing Systems (WFPS) revenue continued to fall, the rate of decline slowed to 6.3%, compared to 8.3% in the third quarter. The firm hoped new machines such as the TCS 400 wide-format colour printer would help bring new growth.

The fourth-quarter figures were cautiously welcomed by chairman Rokus van Iperen, who said: The results are a positive sign for the 2004 financial year. However, I would emphasise at this stage it is still too early to state that this positive trend will continue.

Story by Andy Scott