(UK), 26 July 2016 (18.00 CEST):
Global Graphics SE (Euronext: GLOG)
announces it has published its half year report and condensed consolidated
interim financial statements for the six months ended 30 June 2016. The
full document is available for download from the investors section of the
Company’s website at: http://www.globalgraphics.com/investors/financial-reports
Financial highlights of the six months
ended 30 June 2016
Operational highlights of the six months
ended 30 June 2016
- Sales for the period were €8.48 million,
compared with €8.39 million for the same period in 2015.
- The pre-tax result was a profit of €1.04
million for the period, compared with a profit of €2.08 million for the
same period in 2015.
- The net result after tax was a profit of
€1.16 million for the period, compared with a profit of €2.66 million
for the same period in 2015.
- Basic earnings per share was €0.10 compared
with a basic earnings per share of €0.26 for the same period in 2015.
- Cash and cash equivalents reduced by €0.94
million during the period to €3.29 million.
- The Company's measure of adjusted operating
profit showed a profit of €1.99 million for the period, compared to a
profit of €2.98 million for the same period in 2015.
UK referendum to leave the European Union
- Casio Computer Co., Ltd chose the Harlequin
Embedded RIP to enhance their Japanese office colour printer SPEEDIA GE6000
by adding native PostScript® and PDF.
- A strategic business relationship was signed
with Roland DG, a leading manufacturer of wide-format inkjet printers and
- Harlequin version 11 was released.
- Think Laboratory chose the Harlequin RIP
to drive a new generation of aqueous inkjet printers that will print onto
plastic film for applications such as short-run food packaging.
- The Company continued working jointly with
Hybrid Software, notably by integrating Hybrid’s Cloudflow into a new
offering called Fundamentals which is targeted at inkjet press manufacturers
to help them overcome technical hurdles and reduce time to market when
developing a new press.
- The Company was part of the drupa innovation
park at the drupa trade show in Dusseldorf, Germany, where it unveiled
its Fundamentals proposition to press manufacturers. The proposition
resonated well, in particular our new multi-level screening technology.
The objectives of acquiring new leads and creating awareness of Fundamentals
- At the drupa trade show, RTI was based on
the OKI stand and demonstrated Harlequin Direct Print driving the leading-edge
OKI C941 and C942 digital production colour printers. A time-limited
copy of Harlequin Direct Print is being shipped by OKI Europe with each
C941 and C942 that is sold.
On 23 June 2016, the population of the UK
voted on a referendum to leave the EU (“Brexit”). While there will be
no immediate change to the Group’s corporate structure and financial reporting
requirements, the board will monitor events to determine how the Group
will be affected over the long term. Other than the general macro-economic
environment over which there is no control, it is the board’s view that
it will be business as usual for the coming months. The potential
volatility of exchange rates, particularly the weakness of sterling against
the euro, may have a positive effect on the Group’s reported profitability,
but a negative effect on the Group’s asset value when translated to euros.
The Group does derive revenue from EU member
states. During the year ended 31 December 2015, 4.0% of the Group’s
revenue was from EU member states, excluding the UK. For the 6 months
ending 30 June 2016, EU member state revenue, excluding the UK, was 10.1%
of the Group’s total revenue, with 4.4% of that generated by the Company’s
subsidiary in Germany.
A longer term risk is that the UK will no
longer recognise a Societas Europaea (“SE”) as a legal entity. To
mitigate this risk the board will start the process to convert the Company
from a UK registered SE to a UK registered public limited company (“PLC”)
and for shareholders to vote on that change at the Annual General Meeting
The board is committed to the Company’s listing
on Euronext Brussels and has no plans to change the listing or the reporting
Corporate Communications Director
Tel: +44 (0)1223 926489
Chief Financial Officer
Tel: +44 (0)1223 926472