GERMANY ,— Heidelberg has reported an improving performance for the second quarter of its financial year. The world’s largest  sheet fed press manufacturer said that the cost-cutting and restructuring measures implemented earlier in the year were paying off. By the end of the half-year, Heidelberg will have reduced it's debt and made improvements regarding  liquidity  despite the huge challenges  faced owing to the Covid-19 pandemic. Orders were down 20%, compared with 44% in the first quarter. In China, the companies biggest market,  orders were down by just 8% in the second quarter, compared with a massive 50% slump in the first quarter. Heidelberg is now better off by the equivalent of €1m a month after paying back its €150m high-yield bond in September. Heidelberg shares jumped by 5.3% to €0.58 on the news.