Global Graphics Plc: Publication Of 2017 Annual Report And Financial Statements
February 28 2018 - 12:00PM
UK Regulatory
TIDMGLOG
PRESS RELEASE - REGULATED INFORMATION
GLOBAL GRAPHICS PUBLISHES 2017 ANNUAL REPORT AND FINANCIAL STATEMENTS
Cambridge (UK), 28 February 2018 (18.00 CET): Global Graphics PLC
(Euronext: GLOG) announces that it has published its annual report and
financial statements for the financial year ended 31 December 2017.
The full document is available for download from the investors section
of the Company's web site at:
http://www.globalgraphics.com/investors/financial-reports
Should you wish to receive printed copies please send an e-mail to
investor-relations@globalgraphics.com or make your request in writing,
for the attention of the Company's Chief Financial Officer, to 2030
Cambourne Business Park, Cambourne, Cambridge, CB23 6DW, UK.
Gary Fry, Global Graphics CEO comments, "I am very pleased with our top
line growth and especially that we have attained another milestone in
2017, that of exceeding revenue of EUR20 million. Our acquisitions
strategy and our focus on new product development have strengthened our
position in the fast-growing high-speed digital inkjet market. We expect
continued growth in 2018 with even stronger synergies between the
operating companies."
Financial highlights
In thousands of euros 2017 2016 Change
Revenue 20,536 16,033 4,503
Operating loss (288) (674) 386
(Loss)/profit before tax (163) 130 (293)
Tax (expense)/benefit (103) 466 (569)
(Loss)/profit for the year attributable to equity
holders (266) 596 (862)
EBITDA 3,095 4,289 (1,194)
Adjusted operating profit 2,140 3,013 (873)
Adjusted net profit 1,773 3,670 (1,897)
Basic (loss)/earnings per share (0.02) 0.05 (0.07)
Adjusted earnings per share 0.15 0.33 (0.18)
Net cash 5,076 4,639 437
The consolidated pre-tax result was a loss of EUR0.16 million in 2017
compared with a pre-tax profit of EUR0.13 million in 2016. The
reduction in profitability of EUR0.29 million is due to:
-- an increase in revenue of EUR4.51 million;
-- an increase in cost of sales of EUR3.51 million
-- an increase in selling, general and administrative expenses of EUR1.02
million;
-- a decrease in research and development expenses of EUR0.95 million;
-- an increase in other operating expenses of EUR0.54 million; and
-- a decrease in foreign exchange gains of EUR0.67 million.
Included in selling, general and administrative expenses is amortisation
of EUR1.52 million (2016: EUR1.07 million) related to intangible assets
recognised as a result of acquisitions and EUR0.06 million (2016:
EUR0.95 million) related to share-based payment expenses.
Included in research and development expenses is the capitalisation and
amortisation of internally generated intangible assets. During the
period there was a net expense of EUR0.18 million (2016: EUR1.52
million) related to these assets.
Redundancy costs of EUR0.28 million are included in other operating
expenses. This expense relates to a minor reorganisation in Global
Graphics Software, which is expected to result in annualised cost
savings of approximately EUR0.90 million, taking effect from 1 January
2018.
Also included in other operating expenses is a charge of EUR0.23 million
for a fair value adjustment to contingent consideration payable for the
acquisition of Meteor Inkjet Limited ("Meteor"). The growth in revenue
seen during 2017 in Meteor surpassed expectations used when modelling
the acquisition date fair value of contingent consideration. The model
was subsequently revised for current forecasts and expectations, which
concluded that it is expected that the contingent consideration payments
will be made earlier, thereby increasing the present value of those
payments.
The exchange rate gains are primarily due to the revaluation of currency
balances held at the balance sheet date and the change in exchange rates
during the year.
The Group presents EBITDA (earnings before interest, tax, depreciation
and amortisation) and adjusted profit when reporting its financial
results to provide investors with an additional tool to evaluate the
Group's results in a manner that focuses on what the Group believes to
be its underlying business operations. The Group's management believes
that the inclusion of adjusted financial results provides consistency
and comparability with past reports.
Additional commentary and analysis of the Group's consolidated results
for the year ending 31 December 2017 can be found in the aforementioned
annual report and financial statements.
Annual General Meeting
The Company expects to hold its annual general meeting on Tuesday 24
April 2018 in Brussels. The official notice of the meeting will be
issued in accordance with applicable legal and regulatory requirements
closer to the time.
About Global Graphics
Global Graphics PLC (Euronext: GLOG) http://www.globalgraphics.com is a
leading developer of platforms for digital printing, including the
Harlequin RIP(R). Customers include HP, Canon, Delphax, Roland, Kodak
and Agfa http://www.globalgraphics.com/company/customers . The roots of
the company go back to 1986
http://www.globalgraphics.com/company/history/ and to the iconic
university town of Cambridge, and, today the majority of the R&D team is
still based near here. The font foundry, URW++ Design and Development
GmbH, https://www.urwpp.de/en/ and the industrial printhead driver
solutions specialists, Meteor Inkjet, http://www.meteorinkjet.com/ are
subsidiary companies of Global Graphics PLC. Global Graphics has
offices in: Boston, US; Tokyo, Japan; and Hamburg, Germany.
Contacts
Jill Taylor Graeme Huttley
Corporate Communications Director Chief Financial Officer
Tel: +44 (0)1223 926489 Tel: +44 (0)1223 926472
Email: jill.taylor@globalgraphics.com Email:
graeme.huttley@globalgraphics.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Global Graphics PLC via Globenewswire
http://www.globalgraphics.com
(END) Dow Jones Newswires
February 28, 2018 12:00 ET (17:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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