Financial results:
- Operating profit increased 46% to a record £4.1m (2012: £2.8m)
- Operating profit before exceptional items increased by 17% to £3.3m (2012: £2.8m)
- Gross margin up 3.2 percentage points to 45.3% (2012: 42.1%)
- In line with previous guidance, revenue down 14% to £35.9m (2012: £41.7m), primarily reflecting continued demand for lower specification product coupled with a reduced level of demand from a specific customer
- Year-end net cash increased 14% to £19.5m (2012: £17.1m), equivalent to 37.0p per share (2012: 32.8p per share)
- Proposed dividend of 3.45p, an increase of 15% year on year (2012: 3p), with an expectation of continued dividend growth of no less than 15% in 2014
Operational highlights:
- Development of enhanced product portfolio, including new home automation solutions, to extend addressable market
- Continued margin and operational efficiency improvements including closure of Swedish office
- Good traction for lower functionality product in emerging markets, including Eastern Europe and Latin America
- Further progress attained in pure OTT markets with contract signed with Kartina TV
- Agreements successfully signed with new partners for the delivery of value-added content
Commenting on the results, Keith Todd CBE, Non-Executive Chairman, stated: "Amino has seen continued success in 2013 and has delivered growth in profits and cash whilst meeting the diverse needs of its global customer base. Due to the continued focus on margin enhancement and cash generation, I am pleased that we have been able to increase our improved final dividend.
"Looking further out, we are making significant progress with a number of new product initiatives which will expand our addressable market. The Board remains confident in the outlook for the Group's profitability and cash generation in the year ahead and the positive impact on revenues of the new enhanced offering from 2015."
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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 / Alex Le May
finnCap Limited
+44 (0)207 600 1658
Charlotte Stranner / Simon Hicks - Corporate Finance
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Amino results show strong growth in profits and cash
27 January 2014
Amino Technologies plc (stock code: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, OTT and in-home multimedia distribution, announces audited results for the year ended 30 November 2013. They demonstrate further successful delivery with strong growth in profits and cash driven by demand for Amino's higher margin products.