Revenues are expected to be approximately £41 million as management continued to focus on executing only high margin, cash generative business. Consequently, cash conversion was strong with an improved net cash balance of £17.1m (FY 2011: £14.1m) even after a £1.0m dividend payment.
To further improve operational efficiency, the Company is focusing its technical research and development capabilities at its Cambridge headquarters and plans to close its Swedish office early in 2013. The Company expects to achieve net cost savings as well as productivity improvements from single site working.
In line with guidance at the full year results for 2011 when the Company announced its maiden dividend, the Board now intends to introduce a progressive dividend policy. The Board is pleased to be recommending a full year dividend of 3p for the year ended 30 November 2012, a 50 per cent increase year on year, with an expectation to provide both an interim and full year dividend moving forward. Furthermore, the Board expects this dividend to grow by no less than 15 per cent per annum for each of the next two years.
Commenting on the performance, Keith Todd CBE, Non-Executive Chairman, said: "Amino's focus on profitable growth has delivered good results. The Company's strong cash conversion and cash position underpins the announced multi-year progressive dividend policy. This improved performance is testimony to the focused hard work of the new management team, which has created a strong platform for additional contract wins and profitable growth in the coming year."
The Company will announce its full year results on Monday, 28 January 2013.
www.aminocom.com
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For further information please contact:
Amino Technologies:
+44 (0)1954 234100
Keith Todd CBE, Non Executive Chairman
Don McGarva, Chief Executive Officer
Julia Hornby, Chief Financial Officer
FTI Consulting:
+44 (0)20 7831 3113
Matt Dixon / Clare Thomas
finnCap Limited
+44 (0)20 7600 1658
Marc Young / Charlotte Stranner - Corporate Finance
Victoria Bates / Stephen Norcross - Corporate Broking
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