Global Graphics PLC: Publication of 2017 annual report and financial statements
28 Février 2018 - 6:00PM
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 €20 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 €0.16 million in 2017 compared with a pre-tax profit
of €0.13 million in 2016. The reduction in profitability of
€0.29 million is due to:
- an increase in revenue of €4.51
million;
- an increase in cost of sales of
€3.51 million
- an increase in selling, general
and administrative expenses of €1.02 million;
- a decrease in research and
development expenses of €0.95 million;
- an increase in other operating
expenses of €0.54 million; and
- a decrease in foreign exchange
gains of €0.67 million.
Included in selling, general and
administrative expenses is amortisation of €1.52 million (2016:
€1.07 million) related to intangible assets recognised as a result
of acquisitions and €0.06 million (2016: €0.95 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 €0.18 million (2016: €1.52 million)
related to these assets.
Redundancy costs of €0.28 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 €0.90 million, taking effect from 1 January 2018.
Also included in other operating
expenses is a charge of €0.23 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®. 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 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
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