Global Graphics Plc: Publication Of 2019 Annual Report And Financial Statements
March 11 2020 - 3:00AM
UK Regulatory
TIDMGLOG
PRESS RELEASE -- REGULATED INFORMATION
GLOBAL GRAPHICS PUBLISHES 2019 ANNUAL REPORT AND FINANCIAL STATEMENTS
Cambridge (UK), 11 March 2020 (08.00 CET): Global Graphics PLC
(Euronext: GLOG) announces that it has published its annual report and
financial statements for the financial year ended 31 December 2019.
The full document is available to download from the investors section of
the Company's web site at:
https://www.globenewswire.com/Tracker?data=6n26LeLnPN89OzWTfoPXK4hKsN3Ig98a6eDchr9IskhVGS2ezBVfxZRg50kc8PQC-qeR7NiKGt11jNdPZ5k4F9RCGje2kV5gWwOyASeCxc50z2QjWxooCCDanQevjvq8uFOzU_ZjG_xkXtWF24yXA7Et4PKJq9Lj7tkSNJWgWyCRAfji7kuJ8cUFrUOGH9Wi
http://www.globalgraphics.com/investors/financial-reports
Should you wish to receive printed copies please send an e-mail to
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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.
Mike Rottenborn, Global Graphics CEO comments, "As forecast,
profitability was lower in 2019 due to investment in additional
personnel and new product development. Revenue declined more than
expected, primarily due to a slowdown in ceramic tiles and industrial
printing that adversely affected our Printhead Solutions sales. For
2020, we look for continued growth in our Software segment fuelled by
tighter integration between Global Graphics Software and Meteor Inkjet,
as well as the late-2019 acquisition of Xitron, our largest reseller
partner. We have started to see some recovery in industrial printing
for 2020, although it is too early to estimate the impact of the
coronavirus outbreak on this segment and the overall business."
Financial highlights
For the year ending 31 December
In thousands of euros 2019 2018 Change
--------------------------------------------------- ------ ------ -------
Revenue 22,508 23,922 (1,414)
Operating profit 983 2,808 (1,825)
Profit before tax 721 2,873 (2,152)
Tax expense (269) (504) 235
Profit for the year attributable to equity holders 452 2,369 (1,917)
EBITDA 4,377 5,720 (1,343)
Adjusted operating profit 2,666 4,759 (2,093)
Adjusted net profit 1,819 3,981 (2,162)
Basic earnings per share 0.04 0.20 (0.16)
Adjusted earnings per share 0.16 0.34 (0.18)
Available cash 4,995 5,650 (655)
The consolidated pre-tax result was a profit of EUR0.72 million compared
with a profit of EUR2.87 million in 2018. The reduction in
profitability of EUR2.15 million is due to:
-- a decrease in revenue of EUR1.41 million;
-- a decrease in cost of sales of EUR0.69 million;
-- a decrease in other income of EUR0.02 million;
-- an increase in selling, general and administrative expenses of EUR0.77
million;
-- an increase in research and development expenses of EUR0.29 million;
-- an increase in other operating expenses of EUR0.02 million;
-- an increase in net finance expenses of EUR0.15 million; and
-- an increase in foreign exchange losses of EUR0.18 million.
Revenue for the Software segment totalled EUR11.61 million for the year
(2018: EUR9.98 million). The segment benefited from non-recurring
revenue of EUR0.32 million from a new customer and a contract amendment
with an existing customer that resulted in EUR2.00 million of revenue
being recognised, which is also not expected to be recurring.
Additionally, EUR0.71 million associated with the acquisition of Xitron,
LLC from 1 November 2019 contributed to the segment's revenue.
Revenue for the Printhead Solutions segment was EUR6.87 million for the
year (2018: EUR9.20 million). Revenue from existing customers was lower
by EUR2.97 million and was offset by revenue from new customers of
EUR0.64 million. The top three customers in the segment accounted for
EUR2.66 million of the decline in existing customers, of which EUR0.68
million was non-recurring in 2018. Two of these customers are in China
and one is in the United States.
Revenue for the Fonts segment was EUR4.03 million for the year (2018:
EUR4.75 million). Included in the year was EUR0.78 million of
non-recurring licence revenue (2018: EUR1.58 million).
Gross profit for the period has improved to 81.0% of revenue (2018:
79.3%), primarily due to the higher proportion of software revenue which
generates a higher profit margin.
Included in selling, general and administrative expenses is amortisation
of EUR1.23 million (2018: EUR1.16 million) related to intangible assets
recognised as a result of acquisitions and EUR0.15 million (2018:
EUR0.31 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 EUR0.13 million (2018: EUR0.36
million) related to these assets. The net expense was comprised of
EUR1.44 million (2018: EUR1.41 million) in amortisation charge offset by
EUR1.31 million (2018: EUR1.05 million) in capitalisation of development
expenses.
The exchange rate losses 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 2019 can be found in the annual report
and financial statements.
Annual General Meeting
The Company expects to hold its annual general meeting on Thursday 30
April 2020. The official notice of the meeting will be issued in
accordance with applicable legal and regulatory requirements closer to
the time.
About Global Graphics
Through its operating subsidiaries, Global Graphics PLC
https://www.globenewswire.com/Tracker?data=RMiazst35I5KfoM1tnqnWn3NNlpDsF1DQ8Zm_XEC3bpGJlhi2xuNME2W-FwhX1KtSqIl-GH41oUIpRp6UzEDS6BXlnU71u1uUOOf1oY0V2k=
(Euronext Brussels: GLOG) is a leading developer of platforms for
digital inkjet printing and type design and development. Customers for
digital inkjet technology include press manufacturers such as HP, Canon,
Durst, Roland, Hymmen and Mark Andy. Those for font design include
numerous international brands, from manufacturers such as Mercedes Benz
and Siemens, to digital media and epublishing companies. Global
Graphics PLC is headquartered in Cambridge UK. Its subsidiary companies
are printing software developers Global Graphics Software
https://www.globenewswire.com/Tracker?data=RMiazst35I5KfoM1tnqnWtEc0kY-gw5p1vLhhSHXdLpYZALFL2uFy4DuKprh08b3Ith_IAAOmQsiyQFBZX5qDDeSXJ6SYoNtLXo3VPhb7TQ-dr6U-wrLBl6X0vTkzujhqe5oqyjlgOhoVGoFxTAOYA==
; the type foundry, URW Type Foundry
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, and the industrial printhead driver solutions specialists, Meteor
Inkjet
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; and the pre-press software specialists
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Xitron.
Contacts
Jill Taylor Graeme Huttley
Corporate Communications Director Chief Financial Officer
Tel: +44 (0)1223 926489 Tel: +44 (0)1223 926472
Email: mailto:jill.taylor@globalgraphics.com?subject=Press%20release%20enquiry Email: mailto:graeme.huttley@globalgraphics.com?subject=Press%20release%20enquiry
jill.taylor@globalgraphics.com graeme.huttley@globalgraphics.com
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