6 Jun 2018 07:00
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
Trading Update
Amino Technologies plc (LSE: AMO), the global media and entertainment technology solutions provider, provides the following trading update for the six months ended 31 May 2018 ("H1 2018").
Amino entered the current financial year with a strong order backlog and during H1 2018 booked over 40% more orders than in the first half of 2017. This, along with good pipeline coverage, means that the Board's expectations for the full year remain unchanged.
As communicated previously and following the change in phasing of orders by one of our major customers, we expect to return to our normal seasonality in the current financial year, with revenues weighted to the second half of the year. Consequently, we expect revenue for H1 2018 to be lower year-on-year at approximately $41 million (H1 2017: $49.8 million). (Sterling equivalent H1 2018: approximately £30 million revenues; H1 2017: £39.9 million revenues).
We continue to see momentum in areas of strategic priority, such as software and recurring revenues. Earlier this week we announced that Kabelnoord, the leading Dutch cable operator, is to deploy Amino's MOVE end-to-end multiscreen video platform in the second half of the year.
Revenues from software and services sold on a standalone basis continue to increase and are expected to be 12% of total revenue in the period (H1 2017: 8%). Exit annual run rate recurring revenues increased in the period to circa $5 million (H1 2017: $3.7 million). (Sterling equivalent H1 2018: £3.8 million revenues; H1 2017: £2.9 million revenues).
Net cash at 31 May 2018 was $15.1 million (31 May 2017: $16.8 million). (Sterling equivalent 31 May 2018: £11.3 million net cash; 31 May 2017 £13.1 million net cash).
Following the completion of its review of the Group's reporting currency announced in February 2018, the Board has decided to change its reporting currency from Sterling to US Dollars. Since the revenues, profits and cash flows of the business are primarily generated in US Dollars, the Board believes this allows for greater transparency of the underlying performance of the Group.
The Company's results for the six months ended 31 May 2018 will be announced on 17 July 2018 and will include comparatives for the prior six months ended 31 May 2017 and year ended 31 November 2017 presented in US Dollars.
Keith Todd CBE, Non-Executive Chairman, said:
"As operators transform their services to IP delivery to meet consumer demand for entertainment 24/7 on any device we are seeing good traction for our three clear market opportunities - upcycling, the transition from cable to IPTV, and Android TV. Good visibility provided by our order backlog and pipeline underpins the Board's confidence in full year expectations."
The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Amino Technologies PLC | +44 (0)1954 234100 |
Donald McGarva, Chief Executive Officer | |
Mark Carlisle, Chief Financial Officer | |
finnCap Ltd (NOMAD and Joint Broker) | +44 (0)20 7220 0500 |
Matt Goode / Carl Holmes / Simon Hicks (Corporate Finance) Tim Redfern / Richard Chambers (Equity Capital Markets) | |
Liberum Capital Limited (Joint Broker) | +44 (0)20 3100 2000 |
Cameron Duncan / Bidhi Bhoma | |
FTI Consulting LLP (Financial PR) | +44 (0)20 3727 1000 |
Jamie Ricketts / Alex Le May / Darius Alexander |
About Amino Technologies plc
Amino Technologies plc (LSE AIM: AMO) is a global media and entertainment technology solutions provider to major network operators and service providers in over 100 countries. Amino's award-winning solutions enable operators to deliver advanced multiscreen TV experiences to their customers. Since its founding in 1998, the company has sold more than 10 million devices. Amino Technologies plc is headquartered near Cambridge, in the UK, and is listed on the AIM market of the London Stock Exchange. www.aminocom.com