Amino still counting cost of Telecom Italia
Amino Technologies has revealed unaudited consolidated results for the period ending May 31st 2012. Revenue was £20.1 million (€25m) (H1 2011: £24.7m) although excluding the nil margin Telecom Italia contract H1 2011 was £17.9 million. Underlying gross margin was 2.0 percentage points higher at 35.4 per cent.
EBITDA more than doubled to £1.8 million (H1 2011: £0.7m). Return to H1 operating profit of £0.2 million was achieved (H1 2011: loss of £0.4m). Increase in cash balance to £13.9 million (H1 2011: £11.6m) was driven by continued margin focus, tight cost control and strong working capital management.
The company says the improved profitability was underpinned by continued operational delivery and concentration on higher quality sales. At CES in January Amino launched the world’s first hybrid/OTT media gateway, powered by the next generation 32nm Intel Atom system-on-chip.
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 competitiveness 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.”