Office equipment group Xerox has reported net profits of $859m for last year. This compares with $360m in 2003,
Revenue from equipment sales rose by 5% to $4.5 billion, but total revenue was flat at $15.7 billion. Both of these figures were boosted by currency movements. Xerox said there was strong demand for colour printer technology and document services, partly offsetting declines from its older technology and a weak performance in Brazil.
The company's total debt was reduced by $1 billion to $10 billion during the year. For the fourth quarter, net profits were up 8% at $240m.
