Hybrid Software Group PLC reports excellent results for




Cambridge (UK), April 21th 2022 (6:00 p.m. THISST): Hybrid Software Group PLC (Euronext: HYSG) announces the publication of its annual report and financial statements for the year ended December 31, 2021.

The full document can be downloaded from the financial reports section of the Company’s website at: https://www.hybridsoftware.group/investors/financial-reports.

Mike Rottenborn, CEO, comments: “2021 has been a remarkable year for Hybrid Software Group. Despite the shadow of the lingering COVID-19 pandemic, we were able to successfully complete two major acquisitions, rebrand the group to reflect our focus on software for inkjet manufacturing, reinvigorate Global’s core RIP business Graphics Software and more than double our 2020 revenue thanks in large part to the acquisition of HYBRID Software, while growing our EBITDA to 25% and cash to over €9 million. Our more than 275 employees worldwide are dedicated to the success of our customers through expert technical support and continuous 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 of our customers around the world.

Executive Chairman Guido Van der Schueren adds: “The acquisition of HYBRID Software in January 2021 broadened our scope from OEM component sales to high-margin enterprise software for OEMs and end users, and we wasted no time integrating HYBRID Software into the group. Despite the difficult business environment in 2021, we were able to increase our revenues by almost 25% and our EBITDA by more than 20% compared to the combined operating results of the previously separated entities in 2020. We have many plans for 2022 and beyond to leverage the power of the entire Group and combine our OEM products with our end-user products and sales channels to continue our growth. With these results, we remain firmly on track to achieve our target of €100 million in revenue and €35 ​​million in EBITDA in 2026.”

Financial Highlights

For the year ended December 31
In thousands of euros 2021 2020
Continuing operations
Revenue 48,562 22,494
Operating result 4,770 1,387
Profit before tax 4,565 1,693
Tax benefit 349 58
Profit from continuing operations 4,914 1,751
Operation abandoned
Profit from discontinued operations, net of tax 4,167
Profit for the year attributable to shareholders 4,914 5,918
EBITDA – continuing operations 12,211 4,711
Adjusted operating income – continuing operations 7,308 2,355
Adjusted net income – continuing operations 6,390 2,522
Basic earnings per share (in euros) – continuing operations 0.15 0.15
Adjusted earnings per share (in euros) – continuing operations 0.20 0.22
Cash available 9,234 6,855

Consolidated pre-tax income from continuing operations amounted to €4.57 million compared to a profit of €1.69 million in 2020. The increase in profitability of €2.88 million is explained by:

  • an increase in turnover of 26.07 million euros;
  • an increase in cost of sales of €3.23 million;
  • an increase in selling, general and administrative expenses of €13.86 million;
  • an increase in research and development expenses of 5.66 million euros;
  • a decrease in other operating expenses of €0.03 million;
  • an increase in other income of €0.03 million;
  • an increase in net financial income of €0.55 million; and
  • an increase in foreign exchange losses of €1.05 million.

Revenue from the Printing Software (formerly Software) segment included ColorLogic sales from November 2021 and amounted to €13.84 million for the year (2020: €12.67 million). euros).

Revenue for the Printhead Solutions segment was €13.98 million for the year (2020: €9.82 million).

The revenue of the Enterprise Software segment (a new segment in the year following the acquisition of HYBRID Software in January 2021) amounts to 20.74 million euros over the year.

Gross margin for the period increased to 82.5% of revenue (2020: 76.7%), mainly due to the increased product mix
software-related sales during the year, particularly higher margin sales to end users by HYBRID Software.

Selling, general and administrative expenses include amortization of €0.84 million (2020: €0.59 million)
related to intangible assets recognized following acquisitions.

Research and development costs include the capitalization and amortization of internally generated intangible assets and the amortization of certain intangible assets recognized following acquisitions. During the period, there was a net capitalization of development expenditure of €2.39 million (2020: €0.72) and amortization of acquired intangible assets of €3.93 million (2020 : 1.78 million euros).

Foreign exchange losses are mainly due to the revaluation of foreign currency balances held at the balance sheet date and to changes in exchange rates during the year.

The Group presents EBITDA (earnings before interest, tax, depreciation and amortization) and adjusted profit when publishing its financial results in order to provide investors with an additional tool to assess the results of the Group in a way that focuses on what the Group considers to be its underlying business. operations. Group management believes that the inclusion of adjusted financial results ensures consistency and comparability with previous reports.

Additional commentary and analysis of the Group’s consolidated results for the year ended December 31, 2021 are available in the annual report and financial statements.

If you would like to receive a printed copy of the annual report, please email [email protected] or make your request in writing to the attention of the Company’s Chief Financial Officer at 2030 Cambourne Business Park, Cambourne , Cambridge, CB23 6DW, UK.

annual general meeting
The Company will hold its Annual General Meeting on Tuesday, May 10, 2022. The official notice of 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 (Euronext: HYSG) is a leading developer of enterprise software for industrial printing manufacturing. Customers include press manufacturers such as HP, Canon, Durst, Roland, Hymmen and hundreds of packaging printers, commercial shops and converters worldwide.

Hybrid Software Group PLC is headquartered in Cambridge, UK. Its subsidiaries are color technology experts ColorLogic, printing software developers Global Graphics Software, enterprise software developer HYBRID Software, 3D design and modeling software developers iC3D, driver solution specialists industrial printheads, Meteor Inkjet and prepress workflow developer Xitron.



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