6 Jun 2017 07:00
Amino Technologies plc
("Amino" or "the Company")
Trading Update
Amino Technologies plc (LSE AIM: AMO), the global provider of digital TV entertainment and cloud solutions to network operators, provides the following trading update for the six months ended 31 May 2017.
The Group entered the period with a strong order backlog and continued its solid sales execution driven by consistent demand for IP devices. Trading for the period was therefore at record levels, in line with management's expectations.
Revenue for the period is expected to be approximately £40m representing c.21% growth over H1 2016 revenue of £33m. At constant currency with revenue translated at last year's average exchange rates, this represents revenue growth of c.5%.
Margins in the period have been strong. However, we anticipate that they will be lower in the second half of the year as the product mix shifts towards new product lines. As is typical with the launch of new products these will be lower margin, optimising over time as scale is reached. As a result, expectations for the full year remain unchanged.
Net cash at 31 May 2017 was £13.1 million (31 May 2016: £3.1m, 30 November 2016: £6.2m) and was positively impacted by the timing of delivery of larger orders which were completed well in advance of the period end.
Commenting on today's announcement, Keith Todd CBE, Non-Executive Chairman said:
"The momentum we saw in 2016 has continued into the first half of this year. Strong sales execution and growing traction for our wider portfolio positions the Group well to meet expectations for the full year."
The Company's interim results will be announced on 11 July 2017.
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) Simon Johnson / Tim Redfern (Corporate Broking) | |
Canaccord Genuity Limited (Joint Broker and Financial Adviser) | +44 (0)20 7523 8000 |
Simon Bridges / James Craven / Emma Gabriel | |
FTI Consulting LLP (Financial PR) | +44 (0)20 3727 1000 |
Chris Lane / Alex Le May / Darius Alexander |
About Amino Technologies plc
Amino Technologies plc specialises in the development and delivery of IPTV/OTT solutions. With over eight million devices sold to 1,000 customers in 100 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino Technologies plc is headquartered near Cambridge, in the UK, and is listed on the AIM market of the London Stock Exchange (AIM: symbol AMO). www.aminocom.com