In thousands of euros	2018	2017	Change
Revenue	23,922	20,536	3,386
Operating profit/(loss)	2,808	(288)	3,096
Profit/(loss) before tax	2,873	(163)	3,036
Tax expense	(504)	(103)	(401)
Profit/(loss) for the year attributable to equity holders	2,369	(266)	2,635
EBITDA	5,720	3,095	2,625
Adjusted operating profit	4,759	2,140	2,619
Adjusted net profit	3,981	1,773	2,208
Basic earnings/(loss) per share	0.20	(0.02)	0.22
Adjusted earnings per share	0.34	0.15	0.19
Net cash	5,650	5,076	574

The consolidated pre-tax result was a profit of €2.87 million in 2018 compared with a pre-tax loss of €0.16 million in 2017.  The increase in profitability of €3.03 million is due to:

• an increase in revenue of €3.38 million (€3.73 million of 2018 revenue is expected to be non-recurring, see below for more information);
• a decrease in cost of sales of €0.13 million;
• an increase in other income of €0.02 million;
• an increase in selling, general and administrative expenses of €0.59 million;
• an increase in research and development expenses of €0.36 million;
• a decrease in other operating expenses of €0.51 million;
• an increase in finance income of €0.02 million; and
• a decrease in foreign exchange gains of €0.08 million

Revenue for the Software segment totalled €9.98 million for the year (2017: €9.08 million).  Revenue from existing customers declined by €0.93 million year on year, offset by revenue from new customers and licensing deals of €1.83 million, of which €1.48 million is expected to be non-recurring.

Revenue for the Printhead Solutions segment was €9.20 million for the year (2017: €7.68 million).  The number of customers for which revenue was recognised during the year increased by 24.5% over the previous year.  Sales in Europe remained flat, but there was 64.3% (€0.70 million) growth in North America and 13.7% (€0.72 million) growth in Asia.  The growth in Asia included €0.67 million which is expected to be non-recurring.

Revenue for the Fonts segment was €4.75 million for the year (2017: €3.78 million).  During the year a new contract was signed in the Fonts segment which generated €1.58 million in revenue.  The revenue from that contract is non-recurring and is not expected to be repeated.

Gross profit for the period has improved to 79.3% of revenue (2017: 75.2%).  Margins were improved across all segments of the Group.

Included in selling, general and administrative expenses is amortisation of €1.16 million (2017: €1.52 million) related to intangible assets recognised as a result of acquisitions and €0.31 million (2017: €0.06 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 €0.36 million (2017: €0.18 million) related to these assets.  The net expense was comprised of €1.41 million (2017: €1.46 million) in amortisation charge offset by €1.05 million (2017: €1.28 million) in capitalisation of development expenses.

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 2018 can be found in the annual report and financial statements.

Annual General Meeting
The Company expects to hold its annual general meeting on Wednesday 15 May 2019 in Brussels.  The official notice of the meeting will be issued in accordance with applicable legal and regulatory requirements closer to the time.

Through its operating subsidiaries, Global Graphics PLC (Euronext Brussels: GLOG) is a leading developer of platforms for digital inkjet printing and type design and development. Customers for digital inkjet technology include press manufacturers such as HP, Canon, Durst, Roland, Hymmen and Mark Andy.  Those for font design include numerous international brands, from manufacturers such as Mercedes Benz and Siemens, to digital media and epublishing companies.  Global Graphics PLC is headquartered in Cambridge UK.  Its subsidiary companies are printing software developers Global Graphics Software; the type foundry, URW Type Foundry, and the industrial printhead driver solutions specialists, Meteor Inkjet.