9 Jun 2008 07:00
| FOR IMMEDIATE RELEASE | 9 June 2008 |
AMINO TECHNOLOGIES PLC
PERIOD-END TRADING UPDATE
and
CEO SUCCESSION
Amino Technologies plc ("Amino" or the "Company"; stock code: AMO), the Cambridge-based broadband network software and systems group, is pleased to provide a trading update for the half-year ended 31 May 2008 and the appointment of a new Chief Executive Officer.
Period-end trading update
The Board of Amino (the "Board") is pleased to report that Amino has continued to build on the profitable performance of the previous financial year. Compared to the corresponding period last year, Amino has increased unit shipments, revenues and gross margins. As a result, Amino expects to report that it has generated a solid operating profit during the period (H1 2007: a loss of £0.6 million).
Net cash balances increased by £2.0m to £19.0m (30 November 2007: £17.0m) during a period in which the Company also bought back £0.3m of ordinary shares in the Company for cancellation. The improvement in net cash balances reflects a combination of profitability and improvements in working capital.
The results for the six months ended 31 May 2008 are expected to be announced on Monday, 21 July 2008.
Appointment of a new Chief Executive Officer
The Board also announces today the appointment of Andrew Burke as Chief Executive Officer. Already a director of Amino, Andrew replaces Bob Giddy, aged 61, who retires as a full time executive director but continues as a director of the Company. Bob will focus on developing Amino's strategic sales and manufacturing relationships in China, India and Russia. The changeover takes effect from today.
Andrew joined Amino as a non-executive Director in January 2007 and has been advising the Board on its strategic direction. Previously, Andrew was Chief Executive Officer of BT Entertainment where he devised and ran the company's IPTV initiative (BT Vision), pioneered their Digital Media Services and led their relationships with the media world. Prior to that Andrew was Chief Executive Officer of eVerger, a $100 million investment fund and spent ten years with the News International group.
Bob Giddy, Chief Executive Officer since November 2001, has played a pivotal role in developing Amino from a pre-revenue phase into a profitable, market leading IPTV player that has generated revenues of approximately £100 million since its flotation on AIM in June 2004.
Commenting on the announcements, Keith Todd, Amino's Chairman, said:
"We are delighted with the appointment of Andrew Burke as Chief Executive Officer. Andrew's knowledge of the IPTV marketplace, delivering entertainment over broadband together with his in-depth knowledge of the Company means that he is the ideal person to deliver the next phase of growth of Amino.
"The Board wishes to record their warm thanks to Bob for his valued contribution to developing Amino into a market leader in IPTV.
"It is also pleasing that Amino's core business continues to deliver solid, profitable growth and the Board remains confident that it will deliver the current market forecast."
Ends
CONTACTS
| Amino Technologies: | 01954-234100 |
| Keith Todd, Chairman | www.aminocom.com |
| Andrew Burke, Chief Executive Officer | |
| Stuart Darling, Finance Director | |
| Bankside: | 020-7367-8888 |
| Steve Liebmann or Simon Bloomfield | |
| KBC Peel Hunt Ltd: | 020-7418-8900 |
| David Anderson |
About Amino
Amino Technologies plc (www.aminocom.com) designs and supplies Electronic systems, software and consultancy for IPTV (Telco triple-play applications), on-demand video and in-home multimedia distribution delivered through three operating divisions.
Amino Communications supplies the AmiNET(TM) series of high performance IPTV set-top boxes and gateways for development in the telecommunications, broadcast and hospitality markets. Generally, AmiNET products are supplied with the IntAct(TM) IPTV software stack for customer premises solutions to OEMs enabling them to supply IPTV set-top boxes and gateways for larger scale deployments and the hospitality sector.
Amino is partnered with world-leading companies in systems integration, middleware, conditional access, semi-conductor, head-end systems and browser technologies.