Global Graphics SE: Trading Update For The Quarter Ended 31 March 2017
11 Avril 2017 - 6:00PM
PRESS RELEASE - REGULATED INFORMATION
GLOBAL GRAPHICS
SE: TRADING UPDATE FOR THE QUARTER ENDED 31 MARCH 2017
Cambridge (UK)
Tuesday 11 April 2017 (18.00 CEST) - GLOBAL GRAPHICS SE
(Euronext: GLOG) provides a trading update for the first quarter of
the financial year ending 31 December 2017.
Gary Fry, CEO reports "we have had
an extremely strong quarter bearing in mind that there was no
exceptional item as there was this time last year. A considerable
amount of growth has been due to the acquisition of Meteor Inkjet
Limited ("Meteor"). We are extremely pleased with how the
integration of Meteor has progressed and with their excellent team.
We are also very pleased with the joint opportunities that have
already emerged and with the extra value we have been able to
generate for our existing joint customers. The inkjet sector is
extremely vibrant and represents a strong opportunity for Global
Graphics due to our ability to add significant value for
manufacturers in terms of software, fonts and drive electronics,
individually or as a complete solution."
Financial
highlights for the quarter ended 31 March 2017
The following information is
unaudited.
-
Revenue for the quarter was €4.70 million (2016:
€5.25 million)
-
Gross profit for the quarter was €3.61 million,
or 77% of sales (2016: €4.94 million, 94% of sales)
-
EBITDA for the quarter was €0.73 million (2016:
€2.34 million)
-
Cash at 31 March 2017 was valued at €4.30
million (2016: €3.41 million)
Segment sales analysis
The following table provides information about revenue for the
Group's operating segments for the quarter ended 31 March 2017.
|
Quarter ended
31 March |
€ millions |
2017 |
2016 |
Print |
3.88 |
4.50 |
eDoc |
0.11 |
0.17 |
Fonts |
0.71 |
0.58 |
Total revenue |
4.70 |
5.25 |
During the quarter ended 31 March
2016, a customer in the Print segment exercised a multi-year option
in their contract which resulted in the recognition of revenue
totalling €2.87 million during that quarter. There was no
such item in the quarter ended 31 March 2017.
Gross profit
Following the acquisition of Meteor in December 2016, the Group's
sales are now comprised of software and a significant proportion of
hardware. The hardware revenue attracts a higher cost of
sale, resulting in lower gross margins, so gross profit margins
will be influenced by the mix of product that is sold during the
period.
EBITDA
Historically, the Group has reported its own measure of adjusted
operating profit in addition to the IFRS reported profit, however,
to be consistent with general practice and to use a more familiar
measure, it will report EBITDA as an alternative measure of
profit.
EBITDA is calculated by adding
back interest, tax, depreciation and amortisation to net
profit.
For reference, EBITDA for the
preceding three financial years was:
|
Year ended 31
December |
€ millions |
2016 |
2015 |
2014 |
EBITDA |
4.29 |
5.00 |
3.72 |
Cash
The Group continues to be free of any interest bearing debt,
therefore, has no interest payments or capital repayments to
make.
The terms of the acquisition of
Meteor necessitates a deferred consideration payment, payable in
cash, which is contingent on revenue. The first payment was
made during the quarter ended 31 March 2017.
Annual General
Meeting
As announced earlier today, the
Company's Annual General Meeting will be held at the offices of
Andlinger & Co, Avenue Louise 326, 1050 Brussels, Belgium on
Monday 8 May 2017 at 14:00 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 2017
The Company expects to publish its
condensed consolidated financial statements for the six months
ending 30 June 2017 after market close on Wednesday 26 July
2017.
About Global Graphics
Global Graphics SE (Euronext:
GLOG) http://www.globalgraphics.com is a leading
developer of platforms for digital printing, including the
Harlequin RIP®. Customers include HP, Canon, Delphax, Roland,
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.
The font foundry, URW++ Design and Development GmbH, and the
industrial printhead driver solutions specialists, Meteor Inkjet,
are subsidiary companies of Global Graphics SE. Global
Graphics has offices in: Boston, US; Tokyo, Japan; and Hamburg,
Germany.
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 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 SE via Globenewswire
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