A number of printers are "bucking the general trend of despondency", according to the latest BPIF Directions survey.

Almost three out of five printers expect orders to improve next quarter and 61% believe that output will be higher.

However, by the Federations own admission this may not be an accurate reflection of the trade as interviews were conducted prior to the terrorist attacks on the US.

Many had predicted an increase in volume from the second to third quarters but output decreased by 21%.

BPIF director of corporate affairs Mike Hopkins said: "The decline in capital expenditure intention and the dismal prospects for export improvement would seem to justify printers battening down the hatches on their costs."