Hybrid Software Group has reported revenues of €46.7m and EBITDA of €10.9m for the year ending 31 December 2022.
Hybrid Software Group is headquartered in Cambridge UK, its subsidiary companies being ColorLogic, Global Graphics Software, Hybrid Software, Meteor Inkjet, Xitron and 3D design and modelling software developers iC3D.
CEO Mike Rottenborn said of the group’s performance: “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 £4m 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 €3.3m, 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 €6.3m.”
Executive chairman Guido Van der Schueren added: “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.”
