Printing market in 'healthy state'

The printing market is set for recovery in 2010, according to the executive vice president of Hewlettt-Packard's Imaging and Printing Group, Vyomesh Joshi.

Mr Joshi said although 2009 had been a difficult year because customers had held off buying new devices, "supplies sales were fine" and the industry was in a "healthy" state". He said: "What that means is that printing is healthy—even with economic pressure, customers are still printing the content.."

The optimistic outlook was backed up by chief executive officer Mark Hurd, who said that the printing unit is "poised for recovery and getting on the attack".

HP has posted five quarters of declining sales in what is one of its most profitable businesses. Last year, the printing group accounted for 21% of HP's $114.6 billion (£71.5 billion) revenue, and 32% of it's $13.4 billion (£8.3 billion) profits.

Mr Joshi said he aims to win a market share from major competitors such as Lexmark International and Eastman Kodak Co., while also cutting costs. In doing so he hopes to achieve profit margins of between 15% and 17%.

Copyright © Press Association 2009