Financial Overview
· Revenue up 18% to £51.8m (2010: £44.0m)
· Gross profit up 16% to £14.5m (2010: £12.5m)
· Adjusted* Gross margin 6 percentage points higher at 34.5% (2010: 28.5%)
- Gross margin before adjustments 28.0% (2010: 28.5%)
· EBITDA increased by £3.8m to £4.4m (2010: £0.6m)
· Operating profit before goodwill impairment £1.7m (2010: loss of £0.9m)
· Year-end cash significantly strengthened at £14.1m (2010: £3.6m)
· Proposed maiden dividend of 2p, reflecting the Board's confidence in the future and strong cash generation
* Adjusted gross profit excludes the first 50,000 OTT order for Telecom Italia at Revenue value of £7.4m (2010: nil) and zero margin (2010: nil) and Provision for legacy stock £0.8m (2010: nil)
Operational Highlights
· Strong focus on operational management and robust supply chain maintained
- Improved supply chain delivering reduced costs and reduced customer lead times
- More accurate forecasting eliminating the need for spot buying
· Delivered on our commitment to simplify the Amino product range
- Streamlined technology platform supported by strong industry partnerships
- Clearer, more scalable go-to-market proposition
- Entire product range is now OTT enhanced
· Continued delivery of these products to customers across multiple markets
- Much improved performance in the United States and ongoing good momentum in Western Europe
- Adapting to structural change in the Russian market
- Latin America represents a growing opportunity
Commenting on the results, Keith Todd CBE, Non-Executive Chairman said: "Amino has delivered a good performance in what has undoubtedly been a challenging year for the global technology industry. This year Amino has returned to operating profitability, delivered improvements in margin, generated encouraging revenue growth and significantly strengthened its cash position. All of this has been enabled by a rigorous focus on operational management and by the market's growing acceptance of our stronger, simplified product range.
"As we enter the year ahead our core focus remains execution. We will continue to deliver excellent products to customers whilst operating as efficiently and effectively as we can. By doing this, I believe we can continue to deliver further financial improvements this year and over the long term."
About Amino Technologies plc
Amino Technologies plc specialises in the development and delivery of IPTV and hybrid/OTT solutions. With over three 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 London Stock Exchange Alternative Investment Market (AIM: symbol AMO). It is headquartered near Cambridge, in the UK, with offices in the US, China and Sweden. For more information, please visit www.aminocom.com
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For further information please contact:
Amino Technologies plc
+44 (0)1954 234100
Donald McGarva, Chief Executive Officer
Julia Hornby, Chief Financial Officer
FTI Consulting
+44 (0)20 7831 3113
Matt Dixon / Clare Thomas / James Melville-Ross
finnCap Limited
+44 (0) 207 600 1658
Marc Young/Charlotte Stranner - Corporate Finance
Brian Patient/Tom Jenkins - Corporate Broking