The report in the Globe And Mail on Saturday 4  September said that the firm was working on further restructuring in addition to last month's changes in the US headquarters, which it announced with its third-quarter results (PrintWeek, 12 August).

According to the Globe And Mail Creo management are "laying out plans for a larger restructuring that a company executive has said may mean more layoffs". It said that the plans would be put to the board by the end of the month.

Michelson is reported to have said: "We have to deliver the level of profitability that the market expects from us in a very short space of time. I don't think people have much patience left."

The article reported that the firm would make further redundancies, lower R&D and redirect cash to technologies that are most likely to foster growth.

It also reported that Michelson had said the firm "suffers from the fact it is in transition from being a seller of equipment to one that sells both equipment and consumables".

Although Creo has not revealed plate revenues directly, sources suggest that for this year the firm's plate sales will be 14m ($25m), with a run rate of 28m by the end of the year. In the last quarter consumables revenues were up 77.5% year-on-year at 12m.

Despite the impressive growth one analyst questioned whether the firm can make money in the plate market with sales just 10% of its rivals and the cost of selling, logistics and manufacturing at less than full capacity.

As PrintWeek went to press Creo was unavailable for comment due to the Labor Day public holiday.