"The conditions for print media are getting better," he said. "We believe that our industry has reached a turning point. We have come through the worst."

Results for 2003/2004 were in line with the preliminary figures with sales down 11% to 2.4bn (e3.6bn). Losses quadrupled to 464m, although that included 380m of non-recurring costs related to restructuring and the disposal of its digital and web divisions. A glimmer in the dark was an operating profit of 13.4m.

For the next year the firm is planning to grow sales by 5% and expects an annual profit of "at least the mid tens of millions of euros".

The agreement to transfer its web division to Goss is "ready for signing" and should be completed in the next few weeks, subject to approval of regulators in an undisclosed European country. 

The firms have signed a non-disclosure agreement regarding the financial details of the deal, but the terms have shifted slightly as Heidelberg's stake in Goss on completion will be 15% it was originally announced that it would be just under 20%.

Story by Barney Cox