Hybrid Software Group PLC publishes 2022 interim report
Cambridge (UK), 28 July 2022 (08.00 CEST): Hybrid Software Group PLC (Euronext: HYSG) announces it has published its half year report and unaudited condensed consolidated interim financial statements for the six months ended 30 June 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.
Mike Rottenborn, Hybrid Software Group CEO comments, “The first half of 2022 has been challenging for Hybrid Software Group, now comprising six operating units focused on a common mission: to supply all software and electronic components needed to drive an inkjet printing device.
“Our growth strategy remains on target, software revenues are rising, and even the most recent acquisitions, ColorLogic and iC3D, are ahead of plan and developing valuable new products. However, unexpected issues sourcing a critical semiconductor chip caused a severe revenue shortfall in our Printhead Solutions segment and erased the gains from the Printing Software and Enterprise Software segments. This resulted in subpar financial results for the first half of 2022, a sharp contrast from the record results this segment delivered in 2021.
“The situation has already been rectified by redesigning a key circuit board using a more powerful chip. Thanks to heroic efforts by our employees and valuable input from customers who tested the new design, I’m pleased to report that we are now shipping the new board in production quantities and did not lose any customers due to the quick redesign of this key component, so we expect significant recovery in the second half of 2022.
“Hybrid Software Group remains committed to innovation and profitable growth and will continue to invest in additional engineering staff for key projects and business segments.”
Financial highlights (unaudited)
|For the six months ended 30 June|
|In thousands of euros||2022 (unaudited)||2021 (unaudited)|
|Profit before tax||248||1,977|
|Profit for the period attributable to equity holders||366||2,460|
|Adjusted operating profit||1,439||3,827|
|Adjusted net profit||958||3,518|
About Hybrid Software Group
Through 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.
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