For the year to 31 March the groups net sales fell 17.7% to 2.85bn (EUR4.13bn), in line with its preliminary figures released in April (PrintWeek, 25 April). It recorded a pre-tax loss of 113.2m, compared to a pre-tax profit of 231.1m last year, and incoming orders fell 10.9% to 2.75bn.

Sales fell in four of the groups five regional divisions North America (by 23.6%), EMEA (14.4%), Latin America (53.7%) and Asia Pacific (15.1%). The only region to report an increase was Eastern Europe, where sales rose 16.6%.

Sheetfed was the only division to report an operating profit, although this was 43% lower than last year at 195m. And sheetfeds sales fell by a sixth to 2.1bn.

Heidelberg UK sales director Jim Todd was unable to provide exact figures for the UK, but said: It was an Ipex year, which was helpful. We actually fared reasonably well certainly our performance was not reflected in the groups.

We believe that Drupa will have an impact next year, he added. I think that its coming at a very timely moment. Hopefully things will have started to turn around in Europe and there will be more confidence.

An analyst at German investment bank MM Warburg & Co said Heidelbergs results were poor, but reflected global economic conditions. Heidelberg is still the strongest company in the printing machinery universe, and will remain so because its competitors have problems, said the analyst. I imagine that Drupa will provide an upswing.

Story by John Davies