(Alliance News) - Amino Technologies PLC on Tuesday said it delivered a "strong and resilient" trading performance as high margin software revenue jumped.
The Cambridge-headquartered media and entertainment company reported a pretax profit of USD4.4 million for the year ended November 30, up from USD3.5 million in 2019.
Revenue for the year rose by 7% to USD82.7 million from USD77.2 million in 2019, reflecting high margin software revenue, which represents 24% of the group's total revenue, increasing by 49% to USD19.5 million from USD13.0 million in the previous year. In addition, software and services adjusted gross profit represented 40% of total adjusted gross profit in the year, an increase from 31% in 2019.
As a result of this, Amino recommended a 1.87 pence dividend for 2020, up 11% from 1.68p in 2019 after previously suspending its payout at the beginning of the year in light of the global pandemic.
Amino said it had net cash of USD9.5 million at November 30, up significantly from USD1.4 million in 2019 due to the organic revenue growth and the impact of the acquisition of 24i. It maintains a USD15 million multi-currency revolving credit facility with Barclays PLC, which is currently undrawn and runs to November 2022.
"Despite the impact of Covid-19, in 2020 Amino delivered a strong performance and we maintained our previous financial guidance through the year. All our key metrics tracked ahead, demonstrating that the software-led strategy we are following is delivering results. Like many, our business model has been tested in this challenging year but the financial and operational progress we have made, along with the opportunity we see ahead, give us the confidence to recommend a dividend," said Chief Executive Donald McGarva.
"We have a clear strategy to drive software-led growth and to capitalise on real structural shifts, supported by our enhanced visibility and an acute focus on driving recurring revenue and strengthening our long-term customer relationships," he added.
Shares in Amino Technologies were down 4.6% at 128.75 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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