Hybrid Software Reports Strong 2022 Results With €46.7 Million Revenue And €10.9 Million Ebitda

Hybrid Software Group PLC (Euronext: HYSG) announces that it has published its annual report and financial statements for the financial year ended 31 December 2022.

CEO Mike Rottenborn comments, “We entered 2022 with bullish growth projections until the economic downturn began to affect our OEM and our end-user business.  In addition, during the first half of the year our revenues were impacted by the global shortage of semiconductor chips.  Meteor Inkjet’s revenue fell short of projections by more than £4 million during this period. Their team quickly redesigned a critical circuit board using a chip that was more widely available, but the lost first-half revenue was not fully recovered in 2022. I’m pleased to say that 2023 has started very strongly for Meteor, with revenues recovering to healthy levels and demand from China increasing rapidly.

“Despite all the challenges, we completed two strategic acquisitions, sold an old and unused intangible asset for net €3.3 million, achieved four new patents, and drew the constituent parts of the business closer together into one company, reorganising R&D resources and pushing ahead with product innovation to the benefit of our customers. There’s no doubt that Hybrid Software Group has emerged from 2022 as a stronger company. We have best-in-class technology, a sound business plan focussed on markets that are trending upwards, and strong cash position of Euros 6.3 million.”

Executive Chairman Guido Van der Schueren adds, “2022 was a year of mixed results and we fell short of our growth projections in both revenue and net profit. We acted quickly in response, taking prudent steps to conserve cash and reduce our cost structure, especially external spending. But we never sacrificed the long-term value of Hybrid Software Group. We did not cut any of our key personnel or reduce R&D spending, and if anything, we stepped up our sales efforts and increased the company’s presence at key trade shows and industry events. We have broadened our potential customer reach by offering successful products for all digital printing applications and I anticipate a much higher level of growth and profitability in the very near future.”