During the fourth quarter, Scitex reduced its holding in Creo Products from 27% to approximately 13%, gaining 55m from the sale and significantly improving its cash position.

The companys sales grew 13% last year to 182m despite the impact of the worldwide economic slowdown. But sales for the fourth quarter fell 9% to 42m, with Scitex suffering a net loss of 25.3m for the period.

During the year the company increased its share in ink-jet press developer Aprion Digital to 43%. Aprion received 8.1m investment from the two parties to develop future products.

Scitex also holds 36% in digital printing systems developer Jemtex Ink-Jet Printing, which last year moved into commercialisation through programmes with strategic partners.

Despite the effects of adverse market conditions last year and current uncertain economic conditions, Scitex expects moderate revenue growth as well as improvements in gross margins and profitability.

Story by Andy Scott