4 Dec 2014 07:00
4 December 2014
Amino Technologies plc
("Amino" or "the Company")
Trading Update
Strong performance and return to growth with positive traction for
new products and improved tender activity
Amino Technologies plc (LSE: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, today issues the following positive trading update for the year ended 30 November 2014.
· FY 14 profit ahead of expectations
· Return to revenue growth achieved in second half
· Strong cash flow maintained and dividend policy reiterated
The Company has continued to benefit from strong trading since the announcement made on 13 October and as such profit before tax for the year ended 30 November 2014 is expected to be above market expectations and revenues are expected to be in line. Sales performance has been encouraging and results in the second half of the year reflected a return to revenue growth for the Company.
Good cash conversion has also been achieved, further increasing the Company's net cash position to £20.8m (FY 2013: £19.5m), equivalent to 40p per share (2013: 37p per share). This is after taking into account share buy backs to the value of £1.4m and dividend payments of £1.9m.
New contract wins with significant operators in North America, Eastern Europe and the Middle East, have underpinned this performance. Tender activity has also been strong, particularly in the second half of the year, with positive traction for the Company's newly launched product portfolio.
At the interim results, the Company committed to a progressive dividend policy of no less than a 10% per annum increase up to and including the year ending November 2016.
Commenting on the announcement, Keith Todd CBE, Non-executive Chairman, added:
"We are pleased to report continued strong operational performance and return to growth over the past six months. This, together with the continued excellent cash generation, underpins the board's confidence in the future growth opportunity. We are making very good progress with significant new tender activity in new and existing markets. Market reception to the new product portfolio has been very positive with good traction achieved and we look forward with confidence to the year ahead."
For further information please contact:
Amino Technologies plc | +44 (0)1954 234100 |
Donald McGarva, Chief Executive Officer | |
Julia Hubbard, Chief Financial Officer | |
FTI Consulting LLP |
+44 (0)20 3727 1000 |
Matt Dixon / Chris Lane / Alex Le May | |
finnCap Limited |
+44 (0)207 600 1658 |
Charlotte Stranner / Simon Hicks - Corporate Finance | |
Victoria Bates- Corporate Broking |
About Amino Technologies plc
Amino Technologies plc specialises in the development and delivery of IPTV/OTT solutions. With over five 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).