Amino posts “solid” H1

Amino Technologies, the Cambridge-based specialist in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, has published unaudited consolidated results for the period ended May 31st 2013, which demonstrate further improvements in gross margin and operating profit.

The company’s Financial Overview reveals:

· Revenue of £20.1 million (H1 2012: £20.1m)
· H1 operating profit increased to £2.6 million (H1 2012: £0.2m)
– Operating profit before exceptional items up 735 per cent to £1.7 million (H1 2012: £0.2m)
– Total operating profit figure includes previously announced duties rebate of £1.7 million and restructuring cost of £0.7 million
· EBITDA before exceptional items up 83 per cent to £3.3 million (H1 2012: £1.8m)
· Gross profit up 30 per cent to £9.3 million (H1 2012: £7.1m) and gross margin improvement of 10.8 percentage points to 46.2 per cent (H1 2012: 35.4 per cent)
· Basic earnings per share excluding exceptional items increased to 3.23p (H1 2012: 0.34p)
· Increase of 32 per cent in net cash balance to £18.2 million (H1 2012: £13.9m) driven by continued margin focus, tight cost control and strong working capital management
· Interim dividend of 1p per share – with commitment to the progressive full year dividend policy announced at the end of 2011.

Commenting on the results Keith Todd CBE, Non-Executive Chairman said: “This solid set of results underlines the progress Amino is making against its goal of profitable growth and improvements in shareholder returns. During the period, we have enhanced our competitiveness in our markets through a clear and compelling proposition – quality robust products, operational performance and rapid delivery to meet demanding customer expectations. Our ability to flex our portfolio is demonstrated by new contract wins from target customers in both emerging and established markets.”

“In line with our previously announced progressive dividend policy, the Board is pleased to announce that an interim dividend of 1p per share in respect of 2013 will be payable in September 2013. The Company is well placed to continue its growth strategy and the Board remains confident that results for the full year will be in line with current market expectations.”

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