Global Graphics PLC
Publication of 2019 annual report and financial statements - Seite 2
- a decrease in revenue of €1.41 million;
- a decrease in cost of sales of €0.69 million;
- a decrease in other income of €0.02 million;
- an increase in selling, general and administrative expenses of €0.77 million;
- an increase in research and development expenses of €0.29 million;
- an increase in other operating expenses of €0.02 million;
- an increase in net finance expenses of €0.15 million; and
- an increase in foreign exchange losses of €0.18 million.
Revenue for the Software segment totalled €11.61 million for the year (2018: €9.98 million). The segment benefited from non-recurring revenue of €0.32 million from a new customer and a contract amendment with an existing customer that resulted in €2.00 million of revenue being recognised, which is also not expected to be recurring. Additionally, €0.71 million associated with the acquisition of Xitron, LLC from 1 November 2019 contributed to the segment’s revenue.
Revenue for the Printhead Solutions segment was €6.87 million for the year (2018: €9.20 million). Revenue from existing customers was lower by €2.97 million and was offset by revenue from new customers of €0.64 million. The top three customers in the segment accounted for €2.66 million of the decline in existing customers, of which €0.68 million was non-recurring in 2018. Two of these customers are in China and one is in the United States.
Revenue for the Fonts segment was €4.03 million for the year (2018: €4.75 million). Included in the year was €0.78 million of non-recurring licence revenue (2018: €1.58 million).
Gross profit for the period has improved to 81.0% of revenue (2018: 79.3%), primarily due to the higher proportion of software revenue which generates a higher profit margin.
Included in selling, general and administrative expenses is amortisation of €1.23 million (2018: €1.16 million) related to intangible assets recognised as a result of acquisitions and €0.15 million (2018: €0.31 million) related to share-based payment expenses.
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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 €0.13 million (2018: €0.36 million) related to these assets. The net expense was comprised of €1.44 million (2018: €1.41 million) in amortisation charge offset by €1.31 million (2018: €1.05 million) in capitalisation of development expenses.