Hybrid Software Group PLC (Euronext: HYSG) announces that it has published its annual report and financial statements for the financial year ended 31 December 2023.
Executive Chairman Guido Van der Schueren comments, “2023 proved to be another difficult year for most regions of the world and for the industries we serve; packaging and industrial printing. Interest rates rose quickly to try and curb inflation but this limited capital investment by many print providers, especially in the United States. In addition, the German ‘angst’ over energy prices and the overall economy impacted our sales in that key region. While we can’t control the macroeconomic climate in which we operate, we can and do control how we invest for the growth of Hybrid Software Group. We’re deeply committed to innovation on behalf of the industry, and we listen to our customers’ requests to help shape our development planning. With limited growth forecasted for 2023, we invested in carefully selected areas to prepare for future growth.”
CEO Mike Rottenborn adds, “Wage inflation had a significant effect on staff cost, but careful cost management allowed us to deliver an adjusted net profit from continuing operations that was 137% higher than 2022. I expect to double our operating profit in 2024, as business activity is building within each of the segments, with an optimised cost structure in place and tailwinds from the Drupa show to be expected in the second and third quarter. Our Company vision, ‘The Heartbeat of Industrial Printing and Packaging’, is what drives the team at Hybrid Software Group every day. We partner with our customers and share their heartbeat as we work together to move our industry into the future. The last two years have been challenging but I’m excited by the prospects for 2024 and beyond.”
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