The group blamed the global economic slowdown and the worst drop in magazine advertising in the US for a decade.

The firms net income fell to only 16m ($22m), while sales dropped 3% to 4.4bn.

The only shafts of light in its results came from Latin America, where sales rose 44% to 114m and operating income was up 60% to 7.3m for the year.

Quebecor World said that as a result of its restructuring announced last year, it expected to improve pre-tax earnings by 32m this year. The total pre-tax cost of the restructuring will be 191m.

The groups European sales for the year remained stable at 630m, but operating income fell 12% to 38.1m.

The results follow Quebecor Worlds announcement last week that it planned to cut 10% of the workforce, or 90 jobs, at its sole UK operation in Corby (PrintWeek, 1 February).

It has taken its Heidelberg M300 web press out of commission, while two MAN Roland presses will move from four to three shifts, with the loss of two crews. One Ferag line has also been stopped.

The company is in a 30-day consultation period with the GPMU concerning the redundancies.