Hybrid Software delivers consistent performance in third quarter
24 October 2024 - 3:00AM
PRESS RELEASE - REGULATED INFORMATION
HYBRID SOFTWARE DELIVERS CONSISTENT
PERFORMANCE IN THIRD
QUARTER
Cambridge (UK) 23 October 2024 (18.00 CEST) –
Hybrid Software Group PLC (Euronext: HYSG) provides a trading
update for the nine months ended 30 September 2024.
CEO Mike Rottenborn comments, “Our operating
performance for the third quarter was consistent with our
performance in the third quarter of last year, with revenue for the
period of €11.57 million versus €11.64 million in 2023 and an
adjusted operating result for the period of €0.70 million or 6% of
revenue versus €0.66 million in 2023. Q3 is normally our
weakest quarter in end-user sales because of the summer holiday
period, and this year was no exception. However, all of our
business segments have experienced year-over-year sales growth for
the first nine months of 2024, with consolidated revenues 5.3%
higher than the first nine months of 2023. The cost optimizations
completed last year contributed to more than €5 million in adjusted
operating profit for the first nine months of the year, up 133%
from last year. With a busy fourth quarter of trade shows and
industry events, as well as continuing momentum from the Drupa
show, we anticipate continued good results for the remainder of
2024.”
Sales in the Printhead Solutions segment for the
third quarter grew 6.7% over the third quarter of 2023 and 8.3%
over the first nine months, continuing the recovery which began
last year after the component shortages of 2022 and against a
backdrop of industrial sectors experiencing cyclical headwinds,
increasing the breadth of its customer base in the process.
The Enterprise Software segment quarterly
revenues were in line last year with revenues for the first nine
months up 6.1%, with increased sales in the largest regions of DACH
and North America to power further growth in the future.
The Printing Software segment saw its third
quarter sales decline with 11.5% compared to 2023 but for the first
nine months of the year saw its income increase with 2%, as sales
of its new Digital Front End, SmartDFE, continues to gain traction.
Printing Software has contributed to more than €3 million in
adjusted operating profit for the first nine months of the year, up
624% from last year.
Increased sales coupled with continued vigilance
on expenses resulted in an EBITDA growth of 50% year-over-year,
from 15% of revenue to 22% of revenue.
Financial highlights for the nine months
ended 30 September 2024
The following information is unaudited.
For the
quarter ended 30
September 2024:
- Revenue for the period was €11.57 million (2023: €11.64
million)
- EBITDA for the period was €2.01 million, or 17% of revenue
(2023: €1.95 million, 17% of revenue)
- Operating result for the period was €0.75 million, or 6% of
revenue (2023: €0.99 million, 8% of revenue)
- Adjusted operating result for the period was €0.70 million, or
6% of revenue (2023: €0.66 million, 6% of revenue)
For the nine
months ended 30
September 2024:
- Revenue for the period was €38.49 million (2023: €36.54
million)
- EBITDA for the period was €8.50 million, or 22% of revenue
(2023: €5.66 million, 15% of revenue)
- Operating result for the period was €4.87 million, or 13% of
revenue (2023: €2.69 million, 7% of revenue)
- Adjusted operating result for the period was €5.08 million, or
13% of revenue (2023: €2.18 million, 6% of revenue)
Segment analysis
The following tables provide unaudited
information about revenue from external customers, EBITDA,
operating result and adjusted operating result for the Group's
operating segments for the current and previous financial
years.
For the
quarter ended 30
September 2024:
In millions of euros (unaudited) |
Enterprise Software |
Printhead Solutions |
Printing Software |
Group |
Total |
|
|
|
|
|
|
Revenue from external customers |
5.62 |
3.17 |
2.78 |
- |
11.57 |
|
|
|
|
|
|
Segment EBITDA |
1.02 |
0.71 |
0.69 |
(0.41) |
2.01 |
as
a % of revenue |
18% |
22% |
25% |
- |
17% |
|
|
|
|
|
|
Segment Operating result |
0.58 |
0.56 |
0.02 |
(0.41) |
0.75 |
as
a % of revenue |
10% |
18% |
0% |
- |
6% |
|
|
|
|
|
|
Segment Adjusted operating result |
0.58 |
0.52 |
(0.15) |
(0.25) |
0.70 |
as
a % of revenue |
10% |
16% |
(1%) |
- |
6% |
For the
quarter ended 30
September 2023:
In millions of euros (unaudited) |
Enterprise Software |
Printhead Solutions |
Printing Software |
Group |
Total |
|
|
|
|
|
|
Revenue from external customers |
5.53 |
2.97 |
3.14 |
- |
11.64 |
|
|
|
|
|
|
Segment EBITDA |
1.16 |
0.62 |
0.30 |
(0.13) |
1.95 |
as
a % of revenue |
21% |
21% |
10% |
- |
17% |
|
|
|
|
|
|
Segment Operating result |
0.90 |
0.39 |
(0.17) |
(0.13) |
0.99 |
as
a % of revenue |
16% |
13% |
(5%) |
- |
8% |
|
|
|
|
|
|
Segment Adjusted operating result |
0.69 |
0.40 |
(0.30) |
(0.13) |
0.66 |
as
a % of revenue |
12% |
13% |
(10%) |
- |
6% |
For the nine
months ended 30 September
2024:
In millions of euros (unaudited) |
Enterprise Software |
Printhead Solutions |
Printing Software |
Group |
Total |
|
|
|
|
|
|
Revenue from external customers |
17.40 |
9.13 |
11.96 |
- |
38.49 |
|
|
|
|
|
|
Segment EBITDA |
3.36 |
1.70 |
4.34 |
(0.90) |
8.50 |
as
a % of revenue |
19% |
19% |
36% |
- |
22% |
|
|
|
|
|
|
Segment Operating result |
2.03 |
1.21 |
2.53 |
(0.90) |
4.87 |
as
a % of revenue |
12% |
13% |
21% |
- |
13% |
|
|
|
|
|
|
Segment Adjusted operating result |
1.96 |
1.00 |
3.04 |
(0.92) |
5.08 |
as
a % of revenue |
11% |
11% |
25% |
- |
13% |
For the nine
months ended 30 September
2023:
In millions of euros (unaudited) |
Enterprise Software |
Printhead Solutions |
Printing Software |
Group |
Total |
|
|
|
|
|
|
Revenue from external customers |
16.40 |
8.43 |
11.72 |
- |
36.54 |
|
|
|
|
|
|
Segment EBITDA |
3.16 |
1.22 |
1.95 |
(0.67) |
5.66 |
as
a % of revenue |
19% |
15% |
17% |
- |
15% |
|
|
|
|
|
|
Segment Operating result |
2.29 |
0.78 |
0.29 |
(0.67) |
2.69 |
as
a % of revenue |
14% |
9% |
2% |
- |
7% |
|
|
|
|
|
|
Segment Adjusted operating result |
1.78 |
0.64 |
0.42 |
(0.66) |
2.18 |
as
a % of revenue |
11% |
8% |
4% |
- |
6% |
For more information about the Group’s operating
segments, refer to the annual report for the year ended 31 December
2023, which is available from:
https://www.hybridsoftware.group/investors/financial-reports.
EBITDA is calculated by adding back interest,
tax, depreciation and amortisation to net profit.
Adjusted operating result is calculated starting
from IFRS reported operating (loss)/profit from continuing
operations and deducting other expenses and capitalised development
expenses, and adding back other income, amortisation of acquired
intangibles and capitalised development expenses and other
non-recurring items in nature.
About Hybrid Software
GroupThrough its operating subsidiaries, Hybrid Software
Group PLC (Euronext: HYSG) 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, printing software developers Global Graphics
Software, enterprise software developer HYBRID Software, 3D design
and modelling software developers iC3D, the industrial printhead
driver solutions specialists Meteor Inkjet, and pre-press workflow
developer Xitron.
Contacts
Floris De Ruyck |
Joachim Van Hemelen |
Legal Counsel & Investor Relations Officer |
Chief Financial Officer |
Tel: +32 (0) 9 329 57 53 |
Tel: +32 (0) 9 329 57 53 |
Email: florisdr@hybridsoftware.group |
Email: joachimvh@hybridsoftware.group |
- 2024-10-24 Q3 trading update - v241017
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