Hybrid Software Group PLC is a public limited-liability company registered in England and Wales with its shares traded on Euronext Brussels under stock code HYSG. It is headquartered near Cambridge, UK. The Company employs approximately 300 employees worldwide and has a pedigree stretching back more than 30 years. Hybrid Software Group develops innovative technology for industrial print manufacturing processes which use inkjet and other printing techniques. The technology is critical because efficiency and sustainability concerns are driving the conversion of manufacturing processes from traditional analogue methods to just-in-time digital production using inkjet printing. Applications for inkjet printing include a diverse range of goods, from labels and packaging, to textiles, tiles, laminates, wall coverings, additive manufacturing and 3D printing applications. Industrial print manufacturing is when printing technology is used in broader manufacturing processes where it isn’t the print itself that is being sold. The Company is the only full stack supplier of all the critical core technologies needed for inkjet printing. Our principal customers are Original Equipment Manufacturers (OEMs) of digital printing equipment, including high-speed digital production presses, professional colour proofing devices, wide format colour printers, and industrial inkjet printers for ceramic tiles, packaging, textiles and additive manufacturing, as well as end users, primarily printing companies who purchase these devices to print and convert labels and packaging materials. Hybrid Software Group has traditionally provided software components and printhead drive electronics to OEMs to enable them to build their own solutions. However, the strategic acquisitions made over the last several years now enable the Company to provide full turnkey solutions for OEMs which enable them to bring new digital printing devices to market faster and with higher quality. These solutions are higher value and provide more revenue to the Company per device installed. Furthermore, the OEM business is synergistic with the Company’s end-user products, accelerating revenue growth and increasing the Company’s market share in the inkjet space. Hybrid Software Group Strategic report Governance Financial statements Other information Hybrid Software Group PLC Annual Report 2022 1 Hybrid Software Group Our investment case • Inkjet adoption is increasing rapidly across multiple industry sectors. • Analogue markets are converting to digital production. • Hybrid Software Group enables customers to migrate their traditional manufacturing processes to digital inkjet. • Hybrid Software Group is the only vertically integrated supplier to this market. • Operating companies are award- winning technology leaders. • Synergies between companies in the Group, following strategic acquisitions made during the past 3 years, will accelerate innovation and revenue growth. Courtesy of HP PageWide Copyright © ABB Company Copyright © Xaar Plc CONTENTS Hybrid Software Group Hybrid Software Group 1 Digital revolution in print manufacturing 2 The year in review 6 Our markets 8 Business segments 16 Company strategic report Company strategic report 23 Chairman’s statement 24 CEO’s review 26 CFO’s review 28 Governance Board of directors 44 Directors’ report 46 Corporate governance report 52 Audit committee report 54 Directors’ remuneration report 55 Independent auditor’s report to the members of Hybrid Software Group PLC 64 Consolidated financial statements Notes to the consolidated financial statements 72 Company financial statements 113 Notes to the Company financial statements 114 Other information Glossary 121
RkJQdWJsaXNoZXIy NTI5NzM=