The company reported a growth in annual sales last year to €1.039bn (2014: €915m), while order intake grew by 16% to €1.058bn.

"In the past fiscal year, we were very successful in North America, but we were also able to grow in western Europe," said Homag CEO Pekka Paasivaara.

"We have thus continued our growth path, and we have exceeded the billion euros sales threshold one year earlier than planned."

The company said it expected order intake and sales revenue to grow slightly in 2016. The number of employees has grown to 5,906, with more staff recruited in India, Poland and the US.

Homag said last year’s Ligna exhibition in Hannover and the company’s own in-house shows had showcased numerous innovations which had been received well by customers.