Hybrid Software has released a trading update for the three months ending 31 March 2022. The Cambridge-based organisation said that the results were broadly in line with those from the same period in 2021, with revenue totalling €12.45 million (compared to €12.24 million for Q1 2021) and EBITDA standing at €2.74 million, or 22% of revenue (in 2021 this was €3.22 million, 26% of revenue).
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.’
When it comes to market sectors, the group reported that its revenue from enterprise software, printhead solutions and printing software was €5.85 million, €1.7 million and €4.9 million respectively. In terms of EBITDA and % of revenue, this equates to €1.35 million (23%), €90,000 (5%) and €1.76 million (36%).
The Hybrid Software group includes ColorLogic, Global Graphics Software, iC3D Meteor Inkjet and Xitron. Its customers include ‘hundreds of packaging printers, trade shops, and converters worldwide.’
