TIDMHYSG
PRESS RELEASE -- REGULATED INFORMATION
HYBRID SOFTWARE GROUP PLC REPORTS EXCELLENT RESULTS FOR 2021
WITH EUR48.6 MILLION REVENUE AND EUR12.2 MILLION EBITDA
Cambridge (UK), 21 April 2022 (18:00 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 2021.
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.
Mike Rottenborn, CEO comments, "2021 was a remarkable year for
Hybrid Software Group. Despite the shadow of the lingering COVID-19
pandemic, we were able to successfully conclude two major
acquisitions, rebrand the Group to reflect our focus on software
for inkjet manufacturing, re-energise the core RIP business of
Global Graphics Software, and more than double our revenue from
2020 largely due to the acquisition of HYBRID Software, while
increasing our EBITDA to 25% and our cash position to more than
EUR9 million. Our 275+ global employees are dedicated to the
success of our customers through expert technical support and
non-stop innovation. With another acquisition already under our
belt in 2022, I look forward to the continued growth and success of
Hybrid Software Group and all our customers worldwide."
Executive chairman, Guido Van der Schueren adds, "The
acquisition of HYBRID Software in January 2021 broadened our focus
from OEM component sales to high-margin enterprise software for
both OEMs and end users, and we wasted no time integrating HYBRID
Software into the Group. Despite the challenging business
environment in 2021, we were able to grow revenues by nearly 25%
and EBITDA by more than 20% when compared to the combined operating
results of the previously separate entities in 2020. We have many
plans for 2022 and beyond to leverage the power of the full Group
and combine our OEM products with our end user products
and sales channels to achieve further growth. With these results, we remain firmly on track to achieve our target of EUR100 million revenue and EUR35 million EBITDA in 2026."
Financial highlights
For the year ended 31 December
In thousands of euros 2021 2020
Continuing operations
Revenue 48,562 22,494
Operating profit 4,770 1,387
Profit before tax 4,565 1,693
Tax benefit 349 58
Profit from continuing operations 4,914 1,751
-------------------------------------------------- ------ ------
Discontinued operation
Profit from discontinued operation, net of
tax - 4,167
Profit for the year attributable to equity
holders 4,914 5,918
-------------------------------------------------- ------ ------
EBITDA - continuing operations 12,211 4,711
Adjusted operating profit - continuing operations 7,308 2,355
Adjusted net profit - continuing operations 6,390 2,522
Basic earnings per share (euro) - continuing
operations 0.15 0.15
Adjusted earnings per share (euro) - continuing
operations 0.20 0.22
Available cash 9,234 6,855
The consolidated profit before tax for continuing operations was
EUR4.57 million compared with a profit of EUR1.69 million in 2020.
The increase in profitability of EUR2.88 million is due to:
-- an increase in revenue of EUR26.07 million;
-- an increase in cost of sales of EUR3.23 million;
-- an increase in selling, general and administrative expenses of EUR13.86
million;
-- an increase in research and development expenses of EUR5.66 million;
-- a decrease in other operating expenses of EUR0.03 million;
-- an increase in other income of EUR0.03 million;
-- an increase in net finance income of EUR0.55 million; and
-- an increase in foreign exchange losses of EUR1.05 million.
Revenue for the Printing Software segment (previously named
Software) included sales by ColorLogic from November 2021 and
totalled EUR13.84 million for the year (2020: EUR12.67
million).
Revenue for the Printhead Solutions segment was EUR13.98 million
for the year (2020: EUR9.82 million).
Revenue for the Enterprise Software segment (a new segment in
the year as a result of the acquisition of HYBRID Software in
January 2021) was EUR20.74 million for the year.
Gross profit for the period increased to 82.5% of revenue (2020:
76.7%), 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 EUR0.84 million (2020: EUR0.59 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 EUR2.39 million (2020: EUR0.72) and
amortisation of acquired intangible assets of EUR3.93 million
(2020: EUR1.78 million).
The exchange rate losses are primarily due to the revaluation of
currency balances held at the balance sheet date and the change in
exchange rates during the year.
The Group 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 Group's consolidated
results for the year ending 31 December 2021 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 Tuesday 10
May 2022. The official notice of the meeting is 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
Jill Taylor Graeme Huttley
Corporate Communications Director Chief Financial Officer
Tel: +44 (0)1223 926489 Tel: +44 (0)1223 926472
Email: Email:
jill.taylor@hybridsoftware.group graeme.huttley@hybridsoftware.group
(END) Dow Jones Newswires
April 21, 2022 12:08 ET (16:08 GMT)
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