Profit after tax fell 49% to 51m (EUR84m) and operating profits were down 47% at 98m. Orders totalled 2.14bn and sales were 2.2bn.
Chairman Bernhard Schreier said the dip in orders clearly reflects the reticence to invest that has been prevalent in the USA since the beginning of the last calendar year, plus worsening global economic conditions.
Chief financial officer Dr Herbert Meyer said a realignment of production, reduction in inventory levels, 61m of cost cuts and an anticipated turnaround in the groups Web Systems division would help it reach its targets for the year as a whole.
Digital sales fell 15% and Web Systems sales dropped 7%, with a 75m operating loss. But Sheetfed sales were up 7% to 1.46bn.
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"Well done all involved... great to see the investment to increase the productivity in the same footprint- much more sustainable than popping another one up."
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"Does appear an odd decision as with that level of shareholder funds they would be liable for the staff redundancy and cover the insolvency costs. It’s not like they could take the money and dodge..."
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