25 Nov 2013 07:00
25 November 2013
Amino Technologies plc
("Amino" or "the Company")
Period-end Trading Update
Amino Technologies plc (LSE: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, provides the following update on trading for the year ending 30 November 2013.
The Company expects to deliver profit and period end net cash in line with market expectations and, as such, demonstrate solid like-for-like growth in these metrics. The period end net cash balance is expected to be approximately £19.0m. This profit and cash performance has been driven by increased demand for Amino's lower specification products, and the Company's continued focus on gross margin performance, tight cost control and strong cash conversion.
During the second half of the financial year, the Company has experienced a change in mix to its revenue with a combination of strong demand for its lower priced, lower specification products mentioned above, coupled with reduced levels of demand from a specific customer. Taken together, this will result in revenue for the full year ending 30 November 2013 being in the range of £35.0m to £36.0m.
The Board expects that these trends will continue in to 2014, leading to a revenue performance for the full year ending 30 November 2014 that is similar to 2013. Despite this, profit and cash expectations for the year ending 30 November 2014 are unchanged.
The Company continues to invest in strategic initiatives and product development around a wider solutions-based offering aimed at driving future growth, for existing and emerging markets.
In line with existing dividend guidance, the Board is pleased to recommend a full year dividend of 3.45 pence per share, representing a 15.0% increase year-on-year. The Board also reiterates its expectation to grow this by no less than 15.0% for the year to November 2014.
Commenting on the performance, Keith Todd CBE, Non-Executive Chairman, said:
"Amino's continued focus on profitable growth has seen demand for our higher margin products. Whilst headline revenue is now expected to be at lower levels than previously anticipated, we remain confident in the outlook for the Group's profitability and cash generation. To this end, we have increased our dividend by 15.0% to 3.45 pence per share and I am pleased to reiterate our progressive dividend policy to increase this by no less than 15.0% for 2014."
For further information please contact:
Amino Technologies plc | +44 (0)1954 234100 |
Keith Todd CBE, Chairman Donald McGarva, Chief Executive Officer | |
Julia Hornby, Chief Financial Officer | |
FTI Consulting LLP | +44 (0)20 7831 3113 |
Matt Dixon / Chris Lane | |
finnCap Limited | +44 (0)207 600 1658 |
Charlotte Stranner / Simon Hicks - Corporate Finance | |
Victoria Bates / Stephen Norcross - Corporate Broking |
About Amino Technologies plc
Amino Technologies plc specialises in the development and delivery of IPTV and hybrid/OTT solutions. With over four million devices sold to 850 customers in 85 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino Technologies plc is listed on the AIM market of the London Stock Exchange (AIM: symbol AMO). It is headquartered near Cambridge, in the UK, with offices in the US and China. For more information, please visit www.aminocom.com