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Despite a decline in global demand, KBA has moved from a pre-tax loss of 87.1m euro in 2008 to anticipating a post-tax profit for 2009, according to its preliminary results.

The German press manufacturer said that it had achieved this despite a 40% drop in demand compared to 2007 with a raft of cost-cutting measures that included shedding more than 1,000 jobs, that reduced overheads by more than 100m.

Group orders for the year came in at nearly 890m, down 28% year-on-year, while sales were 1.06bn, some 31% down year-on-year. The company said that demand for web presses was weaker than expected, while sheetfed still delivered a loss, but a far narrower one than the previous year.

Klaus Schmidt, senior vice-president for marketing and communications, said demand in China and Latin America was growing, but that the US and Europe, had seen demand drop up to 50% in the sheetfed sector.

He added that reducing staff levels at KBA had been "very painful".

Schmidt said that for 2010, KBA should break even, but the company still planned to make a further 700 roles redundant, mainly within its web division.