The results features a slight decline in revenues to EUR645.7m, down 1.1 per cent. Sales of machines, software and professional services grew organically ten per cent, while operating income before impairment amounted to EUR23.9m, down from EUR25.7m in 2003.

Net income was EUR14.1m, including impairment of EUR4.4m, and the release of a tax provision of EUR5.6m. Net income for the full 2004 financial year is expected to be between EUR75m and EUR80m.

Rokus van Iperen, Océ Board of Executive Directors chairman, says, “The growth in sales of new systems in the third quarter lagged behind the trend. Recurring revenues did not develop as anticipated. But this is a postponement rather than a cancellation of investments. In due course the further growth of the population of machines will lead to growing income flows from service.”

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