TIDMHYSG
PRESS RELEASE -- REGULATED INFORMATION
HYBRID SOFTWARE GROUP PLC REPORTS STRONG 2022 RESULTS WITH
EUR46.7 MILLION REVENUE AND EUR10.9 MILLION EBITDA
Cambridge (UK), 12 April 2023 (07:00 CEST): Hybrid Software
Group PLC (Euronext: HYSG) announces that it has published its
annual report and financial statements for the financial year ended
31 December 2022.
The full document is available to download from the financial
reports section of the Company's web site at:
https://www.hybridsoftware.group/investors/financial-reports.
CEO Mike Rottenborn comments, "We entered 2022 with bullish
growth projections until the economic downturn began to affect our
OEM and our end-user business. In addition, during the first half
of the year our revenues were impacted by the global shortage of
semiconductor chips. Meteor Inkjet's revenue fell short of
projections by more than GBP4 million during this period. Their
team quickly redesigned a critical circuit board using a chip that
was more widely available, but the lost first-half revenue was not
fully recovered in 2022. I'm pleased to say that 2023 has started
very strongly for Meteor, with revenues recovering to healthy
levels and demand from China increasing rapidly.
"Despite all the challenges, we completed two strategic
acquisitions, sold an old and unused intangible asset for net
EUR3.3 million, achieved four new patents, and drew the constituent
parts of the business closer together into one company,
reorganising R&D resources and pushing ahead with product
innovation to the benefit of our customers. There's no doubt that
Hybrid Software Group has emerged from 2022 as a stronger company.
We have best-in-class technology, a sound business plan focussed on
markets that are trending upwards, and strong cash position of
Euros 6.3 million."
Executive Chairman Guido Van der Schueren adds, "2022 was a year
of mixed results and we fell short of our growth projections in
both revenue and net profit. We acted quickly in response, taking
prudent steps to conserve cash and reduce our cost structure,
especially external spending. But we never sacrificed the long-term
value of Hybrid Software Group. We did not cut any of our key
personnel or reduce R&D spending, and if anything, we stepped
up our sales efforts and increased the company's presence at key
trade shows and industry events. We have broadened our potential
customer reach by offering successful products for all digital
printing applications and I anticipate a much higher level of
growth and profitability in the very near future."
Financial highlights
For the year ended 31 December
In thousands of euros 2022 2021
Continuing operations
Revenue 46,693 48,562
Operating profit 2,274 4,770
Profit before tax 1,835 4,565
Tax (charge)/credit (535) 349
Profit from continuing operations 1,300 4,914
-------------------------------------------------- ------ ------
EBITDA - continuing operations 10,895 12,211
Adjusted operating profit - continuing operations 2,106 7,308
Adjusted net profit - continuing operations 945 6,390
Basic earnings per share (euro) - continuing
operations 0.04 0.15
Adjusted earnings per share (euro) - continuing
operations 0.03 0.20
Available cash 6,317 9,234
The consolidated pre-tax result for continuing operations was
EUR1.84 million compared with a profit of EUR4.57 million in 2021.
The decrease in profitability of EUR2.73 million was due to:
-- a decrease in revenue of EUR1.87 million;
-- a decrease in cost of sales of EUR1.09 million;
-- an increase in selling, general and administrative expenses of EUR4.38
million;
-- an increase in research and development expenses of EUR0.78 million;
-- a decrease in other operating expenses of EUR0.18 million;
-- an increase in other income of EUR3.27 million;
-- an increase in net finance expenses of EUR0.79 million; and
-- a decrease in foreign exchange losses of EUR0.55 million.
Revenue for the Printing Software segment was EUR15.26 million
for the year (2021: EUR13.84 million).
Revenue for the Printhead Solutions segment was EUR8.66 million
for the year (2021: EUR13.98 million). This segment was severely
impacted by the shortage of its most commonly used chip until a
critical circuit board was redesigned using a different component
in mid-2022.
Revenue for the Enterprise Software segment was EUR22.78 million
for the year (2021: EUR20.74 million).
Gross profit for the period increased to 84.2% of revenue (2021:
82.5%), primarily due to the higher mix of
software related sales during the year, particularly higher
margin sales to end users by HYBRID Software.
Included in selling, general and administrative expenses is
amortisation of EUR1.17 million (2021: EUR0.84 million)
related to intangible assets recognised as a result of
acquisitions.
Research and development expenses includes the capitalisation
and amortisation of internally generated intangible assets and the
amortisation of certain intangible assets recognised as a result of
acquisitions. During the period there was a net capitalisation of
development expenditure of EUR2.00 million (2021: EUR2.39 million)
and amortisation of acquired intangible assets of EUR5.10 million
(2021: EUR3.93 million).
The net capitalisation of development expenditure comprised
EUR4.0 million (2021: EUR3.40 million) of capitalised expenditure
less EUR2.0 million (2021: EUR1.01 million) of amortisation.
The third quarter results were favourably impacted by the sale
of an unused asset (approximately 69,000 IPv4 internet addresses)
for a net amount of EUR3.3 million which closed in July. Given the
nature of the sale this income is reported as "Other Income" and is
not included in our revenue figures, but it is accretive to
EBITDA.
Total operating expenses increased by EUR4.98 million, or 14.1%
compared to the same period in the prior year. The increase was
mainly due to higher sales & marketing related expenditures,
increased amortization expenses and higher staff cost resulting
from the acquisitions of ColorLogic and Hybrid Iberia in Q4 2021,
and iC3D in Q1 2022.
Foreign exchange gains and losses were primarily due to the
revaluation of currency balances held at the balance sheet date and
the change in exchange rates during the year.
The Company presents EBITDA (earnings before interest, tax,
depreciation and amortisation) and adjusted profit when reporting
its financial results to provide investors with an additional tool
to evaluate the Group's results in a manner that focuses on what
the Group believes to be its underlying business operations. The
Group's management believes that the inclusion of adjusted
financial results provides consistency and comparability with past
reports.
Additional commentary and analysis of the Company's consolidated
results for the year ending 31 December 2022 can be found in the
annual report and financial statements.
Should you wish to receive a printed copy of the annual report,
please send an e-mail to investor-relations@hybridsoftware.group
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or make your request in writing, for the attention of the Company's
Chief Financial Officer, to 2030 Cambourne Business Park,
Cambourne, Cambridge, CB23 6DW, UK.
Annual General Meeting
The Company will hold its annual general meeting on Wednesday 24
May 2023. The official notice of the meeting will be available on
the Company's website at:
https://www.hybridsoftware.group/investors/shareholders-annual-general-meeting.
About Hybrid Software Group
Through its operating subsidiaries, Hybrid Software Group PLC
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(Euronext: HYSG
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) is a leading developer of enterprise software for industrial
print manufacturing. Customers include press manufacturers such as
HP, Canon, Durst, Roland, Hymmen, and hundreds of packaging
printers, trade shops, and converters worldwide.
Hybrid Software Group PLC is headquartered in Cambridge UK. Its
subsidiary companies are colour technology experts ColorLogic
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, printing software developers Global Graphics Software
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, enterprise software developer HYBRID Software
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, 3D design and modelling software developers iC3D
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, the industrial printhead driver solutions specialists, Meteor
Inkjet
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and pre-press workflow developer Xitron
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.
Contacts
Joachim Van Hemelen Jill Taylor
Chief Financial Officer Corporate Communications Director
Tel: +32 (0) 329 57 53 Tel: +44 (0) 1223 926489
joachimvh@hybridsoftware.group Email: jill.taylor@hybridsoftware.group
(END) Dow Jones Newswires
April 12, 2023 01:00 ET (05:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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