Cambridge (UK) Tuesday 14 October 2014 (18.00 CEST)
- GLOBAL GRAPHICS SE (Euronext: GLOG), a developer of software platforms for digital printing, digital document and PDF applications, provides a trading update for the third quarter and first nine months of the financial year ending 31 December 2014. Operational highlights for the quarter ended 30 September 2014
- The Harlequin RIP was chosen by Oki Data Americas to drive four of their products; the C711DE high-quality digital colour label printer and finishing system, the pro511DW compact digital colour printer and the C931dn and C941dn, both production quality, full colour A3 devices. Oki Data started shipping these devices with the Harlequin RIP in September 2014.
- In September The Harlequin Partner Network was launched. The partner network is intended to create a framework for third-party vendors to develop and integrate their products more efficiently to give print shops access to a broad choice of products from multiple vendors. Initial members include Pageflex, Color-Logic, Ultimate TechnoGraphics, Hamillroad Software, Bodoni Systems, Dynagram and Alwan.
- New hybrid screens which significantly improve the print quality for the flexographic market were jointly developed with ThermoFlexX, Xeikon's digital platemaking brand for the label and packaging market. These new screens had their worldwide launch at Labelexpo Americas 2014.
More information about all of the above can be found in the news section of the Company's website at http://www.globalgraphics.com/news/
Financial highlights for the quarter and nine months ended 30 September 2014
The following information is unaudited.
For the quarter ended 30 September 2014
For the nine months ended 30 September 2014
- Revenue for the quarter was €3.28 million (2013: €2.50 million), representing an increase of 31% over the same quarter in 2013.
- The Company's measure of adjusted operating profit or loss for the quarter was a profit of €0.98 million (2013: €0.25 million profit).
Non-recurring other expenses
- Revenue for the period was €8.62 million (2013: €6.14 million), representing an increase of 40% over the same period in 2013.
- The Company's measure of adjusted operating profit or loss for the period was a profit of €1.98 million (2013: €0.63 million loss).
During the quarter the Group expensed an amount of €0.25 million in relation to expenditure to rectify a defect in some software code. No additional amount is expected to be incurred in relation to this matter. The amount is not included in the measure of adjusted operating profit for the quarter or nine months ended 30 September 2014 and it will be included in the unadjusted reported operating result for the current financial year in the Company's year-end consolidated financial statements. Tax
During the quarter the Group received a repayment of €0.38 million from HMRC for the research & development tax credit claimed. This tax benefit will be recognised in the Group's full year results for the current financial year. Cash
Cash at 30 September 2014 was €1.61 million (2013: €0.80 million). The Group continues to have no outstanding debt, therefore, no interest payments or capital repayments. Segment sales analysis
The following table provides information about revenue for the Group's operating segments for the quarter and nine months ended 30 September 2014. Quarter ended 30 September
Nine months ended 30 September
|€ 000s ||2014 ||2013 |
|Print ||1,991 ||1,507 |
|eDoc ||1,292 ||996 |
|Total revenue ||3,283 ||2,503 |
|€ 000s ||2014 ||2013 |
|Print ||6,885 ||4,321 |
|eDoc ||1,735 ||1,821 |
|Total revenue ||8,620 ||6,142 |
A non-recurring amount of €0.51 million for under reported royalties from prior years was included in the eDoc segment for the quarter ended 31 March 2013 and therefore the nine months ended 30 September 2013.
On 4 March 2014, the Company announced that it had signed a contract to license its Harlequin technology to a global manufacturer of office printing devices to drive their single function, multi-function and production printers. During the quarter, €0.25 million was recognised as revenue from this new contract, making a total of €2.61 million that has been recognised as revenue during the nine months ended 30 September 2014.
Corporate Communications Director
Tel: +44 (0)1223 926489
Chief Financial Officer
Tel: +44 (0)1223 926472