(Alliance News) - Amino Technologies PLC on Thursday kept its annual dividend despite a double-digit decline in profit and revenue amid the group's ongoing transformation programme.
For the year to the end of November, the media and entertainment company reported a pretax profit of USD3.5 million, a 55% plunge from USD7.8 million the year before, on revenue that declined by 13% to USD77.2 million from USD88.9 million.
Amino said its weaker performance for the financial year was due to a strategy of no longer competing for lower margin hardware where customers are looking for a commodity product.
Segmentally, Amino's Software & Services division reported 39% growth in revenue to USD13.0 million, due to the acquisition of 24i, and a better performance from AminoOS.
However, revenue from the group's Devices segment - including integrated software - dropped by 19% to USD64.2 million.
In February, the group announced a transformation programme which would focus on monetising its high margin core software capabilities, increasing the quality and nature of revenue.
Looking ahead, Amino said trading in its new financial year has been consistent with expectations, and despite the coronavirus outbreak affecting the group's supply chain, Amino has continued to receive good demand from customers, as well as keep a solid order book and sales pipeline.
Amino declared a dividend per share of 7.32 pence, in-line with the year before.
"Amino has emerged from 2019 as a high growth software and services business serving the full spectrum of the media technology market. Our fundamental shift reflects a transition in our market, and positions us to satisfy the rapidly growing needs of consumers across online video, broadcast and Pay TV services," said Non-Executive Chair Karen Bach.
"Our financial performance in 2019 was strong, with results in line with expectations, excellent cash generation and improved quality of earnings following our successful transformation programme in the first half of the year," Bach added.
Shares in Amino Technologies were down 3.0% at 130.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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