7 Dec 2009 07:00
7 December 2009
Amino Technologies plc
Period-end Trading Update
Amino Technologies plc ("Amino" or the "Company"; stock code: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, provides the following update for the year ended 30 November 2009.
As advised in the pre-close trading update announced on 3 November 2009, a combination of order slippage and component shortages has led to the Company incurring a material operating loss in H2 and for the year, in addition to exceptional costs arising from reducing the operating cost base.
Despite the disappointing impact of these issues on our financial performance in FY2009, order intake in the second half of the year was strong, at approximately 280k units (H2 FY2008: 239k units, H1 FY2009: 167k units), representing c. £20 million of revenue. Of this, 115k units (FY2008: 4k units) are due for delivery in FY2010. 71% of the units and 79% of the revenue booked in H2 related to our higher specification MPEG-4 and HD product lines.
Important competitive wins in Europe and positive sales traction in North America, as previously announced, indicate that the macro-economic climate is improving. The Company remains on track to reduce its FY 2010 operating cost base to £11.0m per annum. Combined with the improved order intake and strong order backlog, the foundations for a better performance in FY 2010 are in place.
The Company also retains a strong balance sheet with net cash balances of £9.0m at 30 November 2009.
The Company will announce results for the twelve months ended 30 November 2009 in early February 2010.
Commenting on the announcement, Keith Todd, Amino Non-Executive Chairman said:
"2009 has been a disappointing financial year. However, we are encouraged by recent momentum in North America and Europe and the successful transition we continue to make away from the MPEG-2 to the MPEG-4 market. Combined with our reduced cost base, these factors provide a solid foundation for a better performance in FY 2010."
| Amino Technologies: | +44 (0)1954 234100 |
| Keith Todd, Non Executive Chairman | www.aminocom.com |
| Andrew Burke, Chief Executive Officer | |
| Stuart Darling, Chief Financial Officer | |
| Financial Dynamics: | +44 (0)20 7831 3113 |
| James Melville-Ross / Matt Dixon / Nicola Biles | |
| KBC Peel Hunt Ltd: | +44 (0)20 7418 8900 |
| Jonathan Marren / Matthew Tyler |
Ends