{"id":42270,"date":"2024-05-01T16:49:15","date_gmt":"2024-05-01T14:49:15","guid":{"rendered":"https:\/\/hybridsoftware.com\/hybrid-software-group-accelerates-growth-in-first-quarter\/"},"modified":"2025-04-01T20:04:28","modified_gmt":"2025-04-01T18:04:28","slug":"hybrid-software-group-accelerates-growth-in-first-quarter","status":"publish","type":"post","link":"https:\/\/hybridsoftware.com\/hybrid-software-group-accelerates-growth-in-first-quarter\/","title":{"rendered":"Hybrid Software Group accelerates growth in first quarter"},"content":{"rendered":"<ul>\n<li><strong> Revenue: \u20ac15.12 million, up 8% compared to last year<\/strong><\/li>\n<li><strong> EBITDA \u20ac5.25 million, up 63% over last year<\/strong><\/li>\n<li><strong> Adjusted operating profit \u20ac4.21 million, up 123% over last year<\/strong><\/li>\n<\/ul>\n<p><strong>Cambridge (UK) 01 May 2024 (18.00 CEST)<\/strong> \u2013 Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the three months ended 31 March 2024.<\/p>\n<p>CEO Mike Rottenborn comments, \u201cOur operating performance for the first quarter demonstrated the beginning of a recovery from the difficult conditions of 2023, with each of our business segments experiencing year-over-year sales growth and consolidated revenues 8.3% higher than the first quarter of 2023.\u00a0 The cost optimizations completed last year contributed to more than \u20ac4 million in adjusted operating profit, up 123% from last year.<\/p>\n<p>The Printing Software segment saw sales of its new Digital Front End, SmartDFE, gain traction and had a major multi-year licensing arrangement renewed for another 5 years, leading to a year-over-growth in revenue of 11% and segment EBITDA of 135%.<\/p>\n<p>Sales in the Printhead Solutions segment grew 14% year-over-year, continuing the recovery which began last year after the component shortages of 2022 and against a backdrop of industrial sectors experiencing cyclical headwinds.<\/p>\n<p>The Enterprise Software segment increased revenues 3% from last year, with strong sales in the largest regions of DACH and North America to power further growth in the future.<\/p>\n<p>Stronger revenues plus continued vigilance on expenses resulted in an EBITDA growth of 62% year-over-year, from 23% of revenue to 35% of revenue.\u00a0 With the major industry trade show of Drupa coming up soon, we anticipate continued good results for the remainder of 2024.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Financial highlights for the three months ended 31 March 2024<\/strong><\/p>\n<p>The following information is unaudited.<\/p>\n<ul>\n<li>Revenue for the period was \u20ac15.12 million (2023: \u20ac13.96 million)<\/li>\n<li>EBITDA for the period was \u20ac5.25 million, or 35% of revenue (2023: \u20ac3.24 million, 23% of revenue)<\/li>\n<li>Operating result for the period was \u20ac3.23 million, or 21% of revenue (2023: \u20ac0.97 million, 7% of revenue)<\/li>\n<li>Adjusted operating result for the period was \u20ac4.21 million, or 28% of revenue (2023: \u20ac1.89 million, 14% of revenue)<\/li>\n<\/ul>\n<p><strong><em>Segment analysis<\/em><\/strong><\/p>\n<p>The following tables provide unaudited information about revenue from external customers, EBITDA, operating result and adjusted operating result for the Group&#8217;s operating segments for the current and previous financial years.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>For the three months ended 31 March 2024:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>In millions of euros <\/strong><em>(unaudited)<\/em><\/td>\n<td><strong>Enterprise Software<\/strong><\/td>\n<td><strong>Printhead Solutions<\/strong><\/td>\n<td><strong>Printing Software<\/strong><\/td>\n<td><strong>Group<\/strong><\/td>\n<td><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Revenue from external customers<\/td>\n<td>5.61<\/td>\n<td>3.24<\/td>\n<td>6.27<\/td>\n<td>&#8211;<\/td>\n<td><strong>15.12<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment EBITDA<\/td>\n<td>1.21<\/td>\n<td>0.58<\/td>\n<td>3.63<\/td>\n<td>(0.17)<\/td>\n<td><strong>5.25<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>22%<\/em><\/td>\n<td><em>18%<\/em><\/td>\n<td><em>58%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>35%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment Operating result<\/td>\n<td>0.99<\/td>\n<td>0.37<\/td>\n<td>3.22<\/td>\n<td>(1.35)<\/td>\n<td><strong>3.23<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>18%<\/em><\/td>\n<td><em>11%<\/em><\/td>\n<td><em>51%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>21%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment Adjusted operating result<\/td>\n<td>0.75<\/td>\n<td>0.38<\/td>\n<td>3.24<\/td>\n<td>(0.16)<\/td>\n<td><strong>4.21<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>14%<\/em><\/td>\n<td><em>12%<\/em><\/td>\n<td><em>52%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>28%<\/em><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>For the three months ended 31 March 2023:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>In millions of euros <\/strong><em>(unaudited)<\/em><\/td>\n<td><strong>Enterprise Software<\/strong><\/td>\n<td><strong>Printhead Solutions<\/strong><\/td>\n<td><strong>Printing Software<\/strong><\/td>\n<td><strong>Group<\/strong><\/td>\n<td><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Revenue from external customers<\/td>\n<td>5.44<\/td>\n<td>2.85<\/td>\n<td>5.67<\/td>\n<td>&#8211;<\/td>\n<td><strong>13.96<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment EBITDA<\/td>\n<td>1.48<\/td>\n<td>0.36<\/td>\n<td>1.70<\/td>\n<td>(0.30)<\/td>\n<td><strong>3.24<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>27%<\/em><\/td>\n<td><em>13%<\/em><\/td>\n<td><em>30%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>23%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment Operating result<\/td>\n<td>1.07<\/td>\n<td>0.20<\/td>\n<td>1.19<\/td>\n<td>(1.49)<\/td>\n<td><strong>0.97<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>20%<\/em><\/td>\n<td><em>7%<\/em><\/td>\n<td><em>21%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>7%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Segment Adjusted operating result<\/td>\n<td>0.92<\/td>\n<td>0.20<\/td>\n<td>1.07<\/td>\n<td>(0.30)<\/td>\n<td><strong>1.89<\/strong><\/td>\n<\/tr>\n<tr>\n<td><em>as a % of revenue<\/em><\/td>\n<td><em>17%<\/em><\/td>\n<td><em>7%<\/em><\/td>\n<td><em>19%<\/em><\/td>\n<td><em>&#8211;<\/em><\/td>\n<td><strong><em>14%<\/em><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>For more information about the Group\u2019s operating segments, refer to the annual report for the year ended 31 December 2023, which is available from: <a href=\"https:\/\/www.hybridsoftware.group\/investors\/financial-reports\">https:\/\/www.hybridsoftware.group\/investors\/financial-reports<\/a>.<\/p>\n<p>EBITDA is calculated by adding back interest, tax, depreciation and amortisation to net profit.<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>About Hybrid Software Group<\/strong><\/p>\n<p>Through its operating subsidiaries, <a href=\"https:\/\/www.hybridsoftware.group\/\">Hybrid Software Group PLC<\/a> (Euronext:<a href=\"https:\/\/live.euronext.com\/en\/product\/equities\/GB00BYN5BY03-XBRU\"> HYSG<\/a>)\u00a0is 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.<\/p>\n<p>Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary companies are colour technology experts <a href=\"https:\/\/www.colorlogic.de\/\">ColorLogic<\/a>, printing software developers <a href=\"https:\/\/www.globalgraphics.com\">Global Graphics Software<\/a>, enterprise software developer <a href=\"https:\/\/www.hybridsoftware.com\/\">HYBRID Software<\/a>, 3D design and modelling software developers <a href=\"https:\/\/www.creativeedgesoftware.com\/ic3d\/\">iC3D<\/a>, the industrial printhead driver solutions specialists <a href=\"https:\/\/www.meteorinkjet.com\/\">Meteor Inkjet<\/a>, and pre-press workflow developer <a href=\"https:\/\/www.xitron.com\/\">Xitron<\/a>.<\/p>\n<p><strong>Contacts<\/strong><br \/>\nFloris De Ruyck<br \/>\nLegal Counsel &amp; Investor Relations Officer<br \/>\nTel: +32 (0) 9 329 57 53<br \/>\nEmail: florisdr@hybridsoftware.group<\/p>\n<p>Joachim Van Hemelen<br \/>\nChief Financial Officer<br \/>\nTel: +32 (0) 9 329 57 53<br \/>\nEmail: joachimvh@hybridsoftware.group<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenue: \u20ac15.12 million, up 8% compared to last year EBITDA \u20ac5.25 million, up 63% over last year Adjusted operating profit \u20ac4.21 million, up 123% over last year Cambridge (UK) 01 May 2024 (18.00 CEST) \u2013 Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the three months ended 31 March 2024. CEO Mike [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[241,273],"tags":[],"challenge":[],"hybrid-product":[],"market":[],"service":[],"class_list":["post-42270","post","type-post","status-publish","format-standard","hentry","category-financial","category-regulatory"],"acf":[],"_links":{"self":[{"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/posts\/42270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/comments?post=42270"}],"version-history":[{"count":0,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/posts\/42270\/revisions"}],"wp:attachment":[{"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/media?parent=42270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/categories?post=42270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/tags?post=42270"},{"taxonomy":"challenge","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/challenge?post=42270"},{"taxonomy":"hybrid-product","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/hybrid-product?post=42270"},{"taxonomy":"market","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/market?post=42270"},{"taxonomy":"service","embeddable":true,"href":"https:\/\/hybridsoftware.com\/wp-json\/wp\/v2\/service?post=42270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}