Amino Technologies, the UK STB maker and solutions provider for in-home multimedia distribution, has announced audited results for the year ending November 30th 2011 showing year-on-year growth in revenue, operating profit, margins and cash generation.
Turnover was up 18 per cent to £51.8 million (€62m) with gross profit up 16 per cent to £14.5 million (2010: £12.5m) and adjusted gross margin six points higher at 34.5 per cent (2010: 28.5 per cent). EBITDA increased by £3.8 million to £4.4 million (2010: £0.6m). Operating profit before goodwill impairment £1.7 million (2010: loss of £0.9m). The company notes the gross profit excludes the initial 50,000 OTT STB order from Telecom Italia which, it reveals, were supplied at no margin. There was also a £0.8 million cost of legacy stock.
The company says it has improved the supply chain and simplified the product range with enhanced OTT products.
Commenting on the results Keith Todd CBE, Non-Executive Chairman said: “Amino has delivered a good performance in what has undoubtedly been a challenging year for the global technology industry. This year Amino has returned to operating profitability, delivered improvements in margin, generated encouraging revenue growth and significantly strengthened its cash position. All of this has been enabled by a rigorous focus on operational management and by the market’s growing acceptance of our stronger, simplified product range.
As we enter the year ahead our core focus remains execution. We will continue to deliver excellent products to customers whilst operating as efficiently and effectively as we can. By doing this, I believe we can continue to deliver further financial improvements this year and over the long term.”
Amino parted company with CEO Andrew Burke in December last year, replacing him with Don McGarva, the COO.