Financial Overview
- Gross profit up 19% to £7.1m (H1 2011: £6.0m)
- Headline Revenue of £20.1m (H1 2011: £24.7m)
- Underlying* revenue up 12% to £20.1m (H1 2011: £17.9m)
- Headline gross margin improvement of 11.1 percentage points to 35.4% (H1 2011: 24.3%)
- Underlying* gross margin 2.0 percentage points higher at 35.4% (H1 2011: 33.4%)
- EBITDA more than doubled to £1.8m (H1 2011: £0.7m)
- Return to H1 operating profit of £0.2m achieved (H1 2011: loss of £0.4m)
- Increase in cash balance to £13.9m (H1 2011: £11.6m) driven by continued margin focus, tight cost control and strong working capital management
- The Company remains committed to the progressive full year dividend policy announced at the end of 2011.
* Underlying revenue and gross margin excludes the effect of the initial Telecom Italia order in 2011 at nil margin
Operational Overview
- Improved profitability underpinned by continued operational delivery
- Focus continues to rest on operational excellence, from supply chain management to sales execution
- Concentration on higher quality sales has supported the delivery of improved gross margin
- Effective cost controls maintained
- Encouraging traction from new target customers and markets
- Repeat orders from long-term customers in W. Europe and N. America
- Encouraging and advanced new business dialogue underway in several potential new markets
- Signs of positive momentum re-building in Eastern Europe
- Product innovation and development continues
- Launch at CES in January of world's first hybrid/OTT media gateway, powered by the next generation 32nm Intel® Atom™ system-on-chip
- New Technology Office established to drive direction of future product development
- Continued development of advanced, lower price point OTT product due for launch in 2013
Commenting on the results Keith Todd CBE, Non-Executive Chairman said:
"In the first half we have continued to see the benefits of the hard work and encouraging, profitable performance delivered by the Amino team last year. We have maintained good progress in our core markets, both in Western Europe and in North America, where our partnership network continues to grow. Our investments in new products are also improving our competiveness and opening up opportunities for growth in new markets.
Looking ahead, we will continue to focus on solid execution right across the business from sales to supply chain. The positive traction we have seen in this first half has continued since the period end, underpinning the Board's confidence in meeting its profitability expectations for the financial year as a whole."
Read the ful set of results here