Hybrid working to overcome challenging six months
Published: 29 July 2022 | No comments yet
Mike Rottenborn (L) and Guido Van der Schueren (R), with Trevor Haworth, CEO at Creative Edge Software
Hybrid Software Group has reported broadly flat revenue for the first half of 2022, with gains in software offset by ‘unexpected issues’ related to its printhead activities.
To 30 June, 2022, the company reported revenues of €23,435,000 compared to €23,774,000 in the first half of 2021. This figure includes revenues in its Printing Software division growing from €5,171,000 in the first half of 2021 to €8,498,000 over the same period this year. Enterprise Software revenue grew from €10,378,000 to €11,328,000. However, in the Printhead Solutions segment, revenue fell from €8,225,000 to €3,609,000.
Commenting on this performance, Hybrid Software Group CEO Mike Rottenborn explained, ‘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.’
He concluded, ‘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.’