Hybrid Software Group Plc Reports Excellent Results For 2021 With €48.6 Million Revenue And €12.2 Million Ebitda
April 29, 2022Hybrid Software Group PLC (Euronext: HYSG) announces that it has published its annual report and financial statements for the financial year ended 31 December 2021.
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 €9 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 €100 million revenue and €35 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 €4.57 million compared with a profit of €1.69 million in 2020. The increase in profitability of €2.88 million is due to:
- an increase in revenue of €26.07 million;
- 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;
- a decrease in other operating expenses of €0.03 million;
- an increase in other income of €0.03 million;
- an increase in net finance income of €0.55 million; and
- an increase in foreign exchange losses of €1.05 million.
