6 Jun 2011 07:00
Monday, 6 June 2011
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, is pleased to provide the following update for the six months ended 31 May 2011.
The Company has maintained its sales momentum and expects to report both a record first half revenue performance and a healthy second half order backlog as at 31 May 2011. Gross margins in the core IPTV business improved during the period as the benefits of new supply chain management took effect. The Company did experience some short-term challenges to its component supply following the Japan earthquake but these have been successfully mitigated through strong industry partnerships.
As anticipated, it is expected that the Company will be marginally loss making for the period (H1 2010: loss of £0.9m). Amino's financial position has recovered strongly during the period with the Company's cash balance as at 31 May 2011 standing materially ahead of analyst expectations at £11.6m (30 Nov 2010: £3.6m).
The Company's core IPTV range continues to drive sales performance with substantial contract wins secured this period in Eastern Europe, North America and Latin American markets in highly competitive bids. The Company is experiencing strong continued interest in the Freedom OTT range of products and promising technical trials are underway in the United States and Europe.
Commenting on performance, Keith Todd, Non-Executive Chairman, said:
"I am pleased to confirm that the encouraging momentum seen last year has continued in this first half. Amino has delivered a strong revenue performance during the period and enjoys a healthy order backlog as we move into the second half of the year. The substantial improvement in our cash position, and continued sharp focus on cost management and our supply chain, allied to our healthy new business pipeline, provides the Board with confidence that we continue to trade in line with management expectations for the full year."
The Company will announce its interim results on Monday, 25 July 2011.
For further information, please contact:
Amino Technologies: | +44 (0)1954 234100 |
Keith Todd, Non Executive Chairman | www.aminocom.com |
Andrew Burke, Chief Executive Officer |
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Julia Hornby, Chief Financial Officer |
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Financial Dynamics: | +44 (0)20 7831 3113 |
Clare Thomas / James Melville-Ross / Matt Dixon |
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finnCap Limited | +44 (0)20 7600 1658 |
Marc Young / Charlotte Stranner - Corporate Finance |
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Brian Patient / Tom Jenkins - Corporate Broking |
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Ends