Global Graphics SE: Trading Update For The Quarter Ended 31 March 2016
12 Avril 2016 - 6:00PM
PRESS RELEASE - REGULATED INFORMATION
GLOBAL GRAPHICS:
TRADING UPDATE FOR THE QUARTER ENDED 31 MARCH 2016
Cambridge (UK)
Tuesday 12 April 2016 (18.00 CEST) - GLOBAL GRAPHICS SE
(Euronext: GLOG), a developer of software platforms for digital
printing, digital document and PDF applications, provides a trading
update for the first quarter of the financial year ending
31 December 2016.
Financial
highlights for the quarter ended 31 March 2016
The following information is
unaudited.
-
Revenue for the quarter was €5.25 million (2015:
€5.19 million).
-
The Company's measure of adjusted operating
profit was a profit of €1.98 million (2015: €2.62 million) for the
quarter.
-
Cash at 31 March 2016 was valued at €3.41
million (2015: €3.51 million). The Group continues to be debt
free, therefore, has no interest payments or capital repayments to
make.
Operational
highlights for the quarter ended 31 March 2016
-
Casio Computer Co., Ltd ("Casio") chose the
Harlequin Embedded RIP to enhance their Japanese office colour
printer SPEEDIA GE6000 by adding native PostScript and PDF support
into its new optional unit. Using the Harlequin
Embedded RIP, Casio has added native processing of PostScript data
with full PostScript compatibility and a PC-less direct print
feature for PDF files.
-
A strategic business relationship with Roland DG
Corporation ("Roland"), a global, leading manufacturer of
wide-format inkjet printers and printer/cutters, was announced
during the quarter. Roland chose the Harlequin RIP to provide
their customers with the ability to efficiently handle ever larger
and complicated colour files and to be able to collaborate with the
experienced and talented team of Global Graphics engineers who
specialise in colour management and screening technology to provide
solid support for their customers. It will also allow Roland
to reduce lead times for bringing products to market.
-
During the quarter, the Company announced that
it is strategically aligning itself with Hybrid Software to provide
digital press manufacturers with an "unbeatable" package of RIPs
and workflow. It is expected that drupa 2016 will provide a
launchpad for a combined solution.
-
A major new release of the Harlequin RIP, the
software engine that drives the printing industry's highest
performing digital presses, was launched during the quarter.
Reputed for the quality of its output as well as its speed, the
Harlequin RIP transforms design and pre-press data into a format
that can be printed and feeds those pages to the press. It's
compatible with a wide range of PDF design tools and compliant with
industry standards. The new version, Harlequin 11, raises the
bar in output quality by introducing features to improve inkjet
output quality, offers more controls for variable data printing,
and contains new features for labels and packaging
applications.
-
A new generation of aqueous inkjet printers from
Think Laboratory that will print onto plastic film for applications
such as short-run food packaging, will be powered by the Harlequin
RIP. Think Laboratory, a global supplier of advanced gravure
engraving equipment based in Japan, has licenced Harlequin because
it is faster than other vendors' technology and can produce optimal
output quality thanks to Global Graphics' new multi-level screening
technology which was launched earlier this month and will be on
show at drupa 2016.
More information about all of the
above can be found in the news section of the Company's website at
http://www.globalgraphics.com/news/
Revenue
analysis
The Company has adopted IFRS 15
Revenue from Contracts with Customers ("IFRS 15") in advance of the
mandatory adoption date of 1 January 2018 and will apply it to its
consolidated financial statements for the year ending 31 December
2016. Full disclosure of any effect of the change in
accounting standard will be disclosed in accordance with the
transitional requirements of IFRS 15 in the Company's consolidated
financial statements.
IFRS 15 and its associated
interpretation guidance is more detailed and specific in its
approach to revenue recognition than IAS 18, including specific
guidance for licensing scenarios that the Company is involved
in. Adopting IFRS 15 early ensures a consistent approach to
revenue recognition that may not be possible under IAS 18.
Some revenue will be recognised earlier than previously, whilst
some revenue will now be deferred until a later date, depending on
the contractual arrangements.
If IFRS 15 had not been adopted by
the Company, under its existing revenue recognition policy, revenue
for the quarter would have been €2.63 million.
During the quarter, a customer in
the Print segment exercised an option in their contract which
resulted in the recognition of revenue totalling €2.87
million. The cash receipt for the license fee will be
received during the years ending 31 December 2016 through to
2020.
On 4 March 2014, the Company
announced that it had signed a contract to license its Harlequin
technology to a global manufacturer of office printing devices to
drive their single function, multi-function and production
printers. The contract has been included in the Print
operating segment and is included under the Office market
heading. During the quarter €0.04 million (2015: €3.42
million) was recognised as revenue from this contract.
The run-up to drupa 2016 has
caused a slowdown in shipments from some customers in the Print
segment, which has resulted in lower than expected revenue from
those customers during the quarter.
Segment sales analysis
The following table provides information about revenue for the
Group's operating segments for the quarter ended 31 March 2016.
|
Quarter ended
31 March |
€ 000s |
2016 |
2015 |
Print |
4,498 |
4,955 |
eDoc |
177 |
238 |
Fonts |
579 |
- |
Total revenue |
5,254 |
5,193 |
Strategic market sales analysis
The following table shows the revenue attributable to each of the
strategic markets for the quarter ended 31 March 2016.
|
Quarter ended
31 March |
€ 000s |
2016 |
2015 |
High-speed |
358 |
484 |
In-house |
9 |
9 |
Office |
262 |
3,707 |
Traditional |
4,046 |
993 |
Fonts |
579 |
- |
Total revenue |
5,254 |
5,193 |
Annual General
Meeting
As announced on 24 March 2016, the
Company's Annual General Meeting will be held at the offices of
Andlinger & Co, Avenue Louise 326, 1050 Brussels, Belgium on
Tuesday 19 April 2016 at 10:00 hrs (CEST).
A copy of the complete notice and
other supporting information, including explanatory notes,
requirements for proof of ownership of shares and the proxy form,
is available for download from the investors section of the
Company's web site at:
http://www.globalgraphics.com/investors/shareholders-shareholders-annual-general-meeting.
Results for the six months ending 30 June
2016
The Company expects to publish its
condensed consolidated financial statements for the six months
ending 30 June 2016 after market close on Tuesday 26 July 2016.
About Global Graphics
Global Graphics (Euronext: GLOG)
http://www.globalgraphics.com is a leading developer of software
platforms on which our partners create solutions for digital
printing, digital document and PDF applications. Customers
include HP, Corel, Quark, Kodak and Agfa. The roots of
the company go back to 1986 and to the iconic university town
of Cambridge, and, today the majority of the R&D team is still
based near here. There are also offices near Boston,
Massachusetts and in Tokyo.
Contacts
Graeme Huttley |
Jill Taylor |
Chief Financial Officer |
Corporate Communications Director |
Tel: +44 (0)1223 926472 |
Tel: +44 (0)1223 926489 |
Email: graeme.huttley@globalgraphics.com |
Email: jill.taylor@globalgraphics.com |
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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 SE via Globenewswire
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