Cambridge, UK 11/04/2017
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.
for the quarter was €4.70 million (2016: €5.25 million)
profit for the quarter was €3.61 million, or 77% of sales (2016: €4.94
million, 94% of sales)
for the quarter was €0.73 million (2016: €2.34 million)
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
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.
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.
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:
The Group continues to be free of any interest
bearing debt, therefore, has no interest payments or capital repayments
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
Annual General Meeting
Year ended 31 December
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
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
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
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,
the industrial printhead driver solutions specialists, Meteor
are subsidiary companies
of Global Graphics SE. Global Graphics has offices in: Boston, US;
Tokyo, Japan; and Hamburg, Germany.
Chief Financial Officer
Tel: +44 (0)1223 926472
Corporate Communications Director
Tel: +44 (0)1223 926489