Hybrid Software Group - parent of Hybrid Software, Global Graphics Software, ColorLogic, Meteor Inkjet, Xitron and iC3D - has posted disappointing results for the six months to 30 June 2022. The Cambridgeshire-headquartered group made a net profit 958,000 Euro (3.5m Euro for the same period 2021) on revenues of 23.4m Euro (23.7m Euro).
Mike Rottenborn, Hybrid Software Group CEO said: “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.”
Through its operating subsidiaries Hybrid Software Group works with a raft of well-known customers including HP, Canon, Durst, Roland, Hymmen, and hundreds of packaging printers, trade shops, and converters.