Hybrid Software Group PLC (Euronext: HYSG) announces it has published its half year report and unaudited condensed consolidated interim financial statements for the six months ended 30 June 2022.
Mike Rottenborn, Hybrid Software Group CEO comments, “The first half of 2022 has been challenging for Hybrid Software Group, now comprising six operating units focused on a common mission: to supply all software and electronic components needed to drive an inkjet printing device.
“Our growth strategy remains on target, software revenues are rising, and even the most recent acquisitions, ColorLogic and iC3D, are ahead of plan and developing valuable new products. However, unexpected issues sourcing a critical semiconductor chip caused a severe revenue shortfall in our Printhead Solutions segment and erased the gains from the Printing Software and Enterprise Software segments. This resulted in subpar financial results for the first half of 2022, a sharp contrast from the record results this segment delivered in 2021.
“The situation has already been rectified by redesigning a key circuit board using a more powerful chip. Thanks to heroic efforts by our employees and valuable input from customers who tested the new design, I’m pleased to report that we are now shipping the new board in production quantities and did not lose any customers due to the quick redesign of this key component, so we expect significant recovery in the second half of 2022.
“Hybrid Software Group remains committed to innovation and profitable growth and will continue to invest in additional engineering staff for key projects and business segments.”
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Financial highlights (unaudited)
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