(Alliance News) - Amino Technologies PLC on Monday said it expects to report "strong" performance in its most recently ended financial year, thanks to its 24i acquisition.
The entertainment technology provider said it expects to report trading for the year to the end of November in line with market forecasts, with online video specialist 24i - which was acquired in July - continuing to make "good" operational progress.
"Amino continues to deliver excellent operating cash flows and expects to report a strong performance, in line with market expectations, supported by a net cash position. With the integration of 24i into the group now complete, we look forward to accelerating our evolution to higher margin software and recurring revenues," said Amino Chair Karen Bach.
Amino said it and 24i entered into an agreement with the Dutch MVNO Youfone to provide a fully-integrated, end-to-end video solution to refresh and expand its TV and OTT offering. The Amino and 24i solution is expected to be live at Youfone in the second quarter of 2020, the company said.
"We are on a mission to challenge how TV services in the Netherlands are delivered by providing our customers with the most extensive and flexible viewing options combined with state-of-the-art features," said Valentijn Rensing, chief executive of Youfone.
"Today's announcement also marks a major milestone for the Amino and 24i teams as we celebrate our first joint customer deployment since the two companies came together earlier this year," added Amino CEO Donald McGarva.
In addition, Amino said Joachim Bergman, currently co-CEO of 24i, will join the board of Amino, effective Monday as an executive director.
Bergman joined Amino as senior vice president of Cloud Services unit in September 2017, having spent over 20 years working in the telecoms and media sector, latterly for Ericsson.
After the acquisition of 24i, he was made jointly responsible, alongside 24i co-founder & co-CEO Martijn van Horssen, for driving 24i's "continued growth opportunity" in the online video sector.
Amino shares were trading 2.4% higher in London on Monday midday at 107.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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