Hybrid Software figures show significant recovery

Hybrid Software Group has posted its figures for last year showing a significant improvement over its 2020 numbers. HSG did have a particularly busy year in 2021, finally buying Hybrid Software and changing the group’s name from Global Graphics PLC, as well as also acquiring ColorLogic

From left, Mike Rottenborn, CEO of Hybrid Software Group and Justin Bailey, managing director of Global Graphics software.

The full year figures show revenue up from €22.49 million to €48.56m and profit before tax of €4.57m, up from €1.69m. Gross profit for 2021 increased to 82.5 percent of revenue, which is an improvement over the 76.7 percent figure from the previous year. HSG mostly attributes this to a higher mix of software related sales during the year and particularly higher margin sales to end users by Hybrid Software.

Guido Van der Schueren, the group’s Executive chairman and really the main power behind the group, noted: “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.”

Helpfully, HSG splits its figures into three main segments. This includes Printing Software, some of which is licensed to end users and others to OEMs. The latest figures, which include sales by ColorLogic from November 2021, come to €13.84m, up from €12.67m. The Printhead Solutions segment is mostly made up of driver electronics and accompanying software. This saw revenue of €13.98m, up from €9.82 million. The Enterprise Software segment was introduced during the year following the acquisition of Hybrid Software and is mainly made up of licenses and support for enterprise workflow software. This area reported revenue of €20.74 million for the year.

In general, most revenue seems to be evenly split between Europe and America – both North and South – though the Printhead Solutions earns most of its revenue from Asia.  This is mostly from Meteor Inkjet and the figures do contain a note that some of the electronic components may be affected by supply chain issues.

Mike Rottenborn, CEO of Hybrid Software Group, noted: “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.”

So far this year HSG has bought Creative Edge so that the group now comprises Hybrid Software, Global Graphics software, Meteor Inkjet, Xitron, ColorLogic and Creative Edge. The group previously owned URW Type foundry but disposed of its Fonts segment at the end of 2020.

Rottenborn added: “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.” 

However, the full document does include a section warning that a significant portion of the group’s earnings come from a small number of large customers, with the largest ten customers accounting for 42.3 percent of revenue and the single largest customer producing 13.9 percent of the group’s revenue. Then again, the report also notes that HSG could be affected by global political and economic problems, but that caveat applies to just about every company with any kind of international footprint, both in and beyond the printing industry.

For his part, Van der Schueren concluded: “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.”

You can find further details from hybridsoftware.group, including the full set of results.

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