After an exceptional 2021, Hybrid Software Group has released first quarter figures for 2022 that are in line with the same period a year earlier, with total revenue at €12.45 million, up from €12.24 million.
CEO Mike Rottenborn commented, ‘The first quarter of 2022 saw strong sales in the Printing Software and Enterprise Software segments, which helped offset a downturn in Printhead Solutions revenue due to the global shortage of electronic components. Our top-notch engineering team quickly redesigned one of our key products to use more readily available components, and we expect to make up this shortfall in Q2 and throughout the rest of the year. The strategic acquisition of iC3D was completed in March 2022 so it had little impact on the Q1 operating results.
‘Group EBITDA was down slightly in Q1 due to additional hiring and personnel costs, as well as increased sales and marketing expenses as business travel and industry trade shows return to pre-pandemic normal levels. Although business conditions remain challenging, with rising inflation and the war in Ukraine causing uncertainty for our customers, we have delivered profitable growth throughout the difficult climate of the pandemic, and we expect to continue this into the future.’
These figures follow on from the group’s full-year 2021 results which saw revenues more than doubling from just under €22.5 milllion to over €48.5 million and profit growing even more strongly from €1.7 million to over just over €4.9 million. This period included the acquisition of Hybrid Software by GlobalGraphics Software and subsequent rebranding as Hybrid Software Group. This year, the Hybrid has acquired the iC3D software which generates photorealistic 3D virtual mock-ups for visualisation of PoS displays, cartons, labels, flexible and other types of packaging.
