Global Graphics Plc: Publication Of 2017 Annual Report And Financial Statements

 
TIDMGLOG 
 
 
 
 
   PRESS RELEASE - REGULATED INFORMATION 
 
   GLOBAL GRAPHICS PUBLISHES 2017 ANNUAL REPORT AND FINANCIAL STATEMENTS 
 
   Cambridge (UK), 28 February 2018 (18.00 CET): Global Graphics PLC 
(Euronext: GLOG) announces that it has published its annual report and 
financial statements for the financial year ended 31 December 2017. 
 
   The full document is available for download from the investors section 
of the Company's web site at: 
http://www.globalgraphics.com/investors/financial-reports 
 
   Should you wish to receive printed copies please send an e-mail to 
[e-mail] or make your request in writing, 
for the attention of the Company's Chief Financial Officer, to 2030 
Cambourne Business Park, Cambourne, Cambridge, CB23 6DW, UK. 
 
   Gary Fry, Global Graphics CEO comments, "I am very pleased with our top 
line growth and especially that we have attained another milestone in 
2017, that of exceeding revenue of EUR20 million.  Our acquisitions 
strategy and our focus on new product development have strengthened our 
position in the fast-growing high-speed digital inkjet market. We expect 
continued growth in 2018 with even stronger synergies between the 
operating companies." 
 
   Financial highlights 
 
 
 
 
In thousands of euros                                2017    2016   Change 
 
Revenue                                             20,536  16,033    4,503 
Operating loss                                       (288)   (674)      386 
(Loss)/profit before tax                             (163)     130    (293) 
Tax (expense)/benefit                                (103)     466    (569) 
(Loss)/profit for the year attributable to equity 
 holders                                             (266)     596    (862) 
 
EBITDA                                               3,095   4,289  (1,194) 
 
Adjusted operating profit                            2,140   3,013    (873) 
Adjusted net profit                                  1,773   3,670  (1,897) 
 
Basic (loss)/earnings per share                     (0.02)    0.05   (0.07) 
Adjusted earnings per share                           0.15    0.33   (0.18) 
 
Net cash                                             5,076   4,639      437 
 
 
 
   The consolidated pre-tax result was a loss of EUR0.16 million in 2017 
compared with a pre-tax profit of EUR0.13 million in 2016.  The 
reduction in profitability of EUR0.29 million is due to: 
 
 
   -- an increase in revenue of EUR4.51 million; 
 
   -- an increase in cost of sales of EUR3.51 million 
 
   -- an increase in selling, general and administrative expenses of EUR1.02 
      million; 
 
   -- a decrease in research and development expenses of EUR0.95 million; 
 
   -- an increase in other operating expenses of EUR0.54 million; and 
 
   -- a decrease in foreign exchange gains of EUR0.67 million. 
 
 
   Included in selling, general and administrative expenses is amortisation 
of EUR1.52 million (2016: EUR1.07 million) related to intangible assets 
recognised as a result of acquisitions and EUR0.06 million (2016: 
EUR0.95 million) related to share-based payment expenses. 
 
   Included in research and development expenses is the capitalisation and 
amortisation of internally generated intangible assets.  During the 
period there was a net expense of EUR0.18 million (2016: EUR1.52 
million) related to these assets. 
 
   Redundancy costs of EUR0.28 million are included in other operating 
expenses.  This expense relates to a minor reorganisation in Global 
Graphics Software, which is expected to result in annualised cost 
savings of approximately EUR0.90 million, taking effect from 1 January 
2018. 
 
   Also included in other operating expenses is a charge of EUR0.23 million 
for a fair value adjustment to contingent consideration payable for the 
acquisition of Meteor Inkjet Limited ("Meteor").  The growth in revenue 
seen during 2017 in Meteor surpassed expectations used when modelling 
the acquisition date fair value of contingent consideration.  The model 
was subsequently revised for current forecasts and expectations, which 
concluded that it is expected that the contingent consideration payments 
will be made earlier, thereby increasing the present value of those 
payments. 
 
   The exchange rate gains are primarily due to the revaluation of currency 
balances held at the balance sheet date and the change in exchange rates 
during the year. 
 
   The Group presents EBITDA (earnings before interest, tax, depreciation 
and amortisation) and adjusted profit when reporting its financial 
results to provide investors with an additional tool to evaluate the 
Group's results in a manner that focuses on what the Group believes to 
be its underlying business operations.  The Group's management believes 
that the inclusion of adjusted financial results provides consistency 
and comparability with past reports. 
 
   Additional commentary and analysis of the Group's consolidated results 
for the year ending 31 December 2017 can be found in the aforementioned 
annual report and financial statements. 
 
   Annual General Meeting 
 
   The Company expects to hold its annual general meeting on Tuesday 24 
April 2018 in Brussels.  The official notice of the meeting will be 
issued in accordance with applicable legal and regulatory requirements 
closer to the time. 
 
   About Global Graphics 
 
   Global Graphics PLC (Euronext: GLOG) http://www.globalgraphics.com is a 
leading developer of platforms for digital printing, including the 
Harlequin RIP(R). Customers include HP, Canon, Delphax, Roland,  Kodak 
and Agfa http://www.globalgraphics.com/company/customers . The roots of 
the company go back to 1986 
http://www.globalgraphics.com/company/history/  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, https://www.urwpp.de/en/ and the industrial printhead driver 
solutions specialists, Meteor Inkjet, http://www.meteorinkjet.com/ are 
subsidiary companies of Global Graphics PLC.  Global Graphics has 
offices in: Boston, US; Tokyo, Japan; and Hamburg, Germany. 
 
   Contacts 
 
 
 
 
Jill Taylor                            Graeme Huttley 
Corporate Communications Director      Chief Financial Officer 
Tel: [phone]                Tel: [phone] 
Email: [e-mail]  Email: 
                                       [e-mail] 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Global Graphics PLC via Globenewswire 
 
 
  http://www.globalgraphics.com 
 

(END) Dow Jones Newswires

February 28, 2018 12:00 ET (17:00 GMT)

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