Office equipment company Fuji Xerox New Zealand has announced a big turnaround in its profit as well as record revenues for the financial year ending March 31.

The company has taken a $15.6 million loss in the previous year to a $7.5 million profit before tax, an improvement of $23.1 million.

Fuji Xerox New Zealand revenue grew 6.4% from $174.1 million to $185.2 million and Fuji Xerox Finance revenue grew 5.2% from $66.9 million to $70.4 million.

Fuji Xerox New Zealand managing director Neil Whittaker said that despite the global recession the company has seen a significant market share increase and growth in both the Office and Production product lines.

He also said the company had worked hard on company-wide efficiencies to save over $2 million in business costs.

The year saw a 23% increase in the number of colour machines in field (MIF) and a 14% growth in total colour clicks (number of prints a machine outputs).