Amino Technologies, a software-led global media technology company that delivers modern TV experiences, has announced a trading update for the six months ended May 31st 2021.
The Group reports it has traded well during the period with revenue for the first half expected to be approximately $45.3 million (H1 2020: $38m), 19 per cent ahead of the prior year. Improving quality of earnings and enhancing visibility continues to be an area of focus and of progress with the Group expected to report higher margin software and services revenue of approximately $10 million (H1 2020: $9.7m), and an exit run rate Annual Recurring Revenue (ARR) of approximately $13.8 million (H1 2020: $10.1m), 37 per cent ahead of the prior year.
The Group says it has also made strong progress against its 2025 strategy, capitalising on the convergence of streaming services and traditional pay-TV. In May 2021 the Group acquired Nordija, a Danish streaming and pay-TV platform specialist. Nordija, which will be integrated into the Group’s 24i business, aiming to enhance and scale the Group’s end-to-end video streaming portfolio and is expected to be earnings enhancing in the first full financial year of ownership.
As at May 31st the Group had gross cash of $17 million, drawn credit facilities of $7 million and undrawn credit facilities of $8 million. Strong sales toward the interim period end led to an increase in receivables as at period end, all of which are expected to be collected in H2. The Group’s cash deposit relating to the bid for MobiTV of $1.8 million was subsequently refunded in full on June 2nd 2021.
The Group continues to retain in full the net proceeds of its recent £9.4 million equity fundraising to fund future acquisition opportunities in order to help it continue to deliver against its 2025 strategy.
The Board says it remains confident of the Group’s prospects and will provide a further update on trading when it announces half year results for the six months ended May 31st 2021 on August 3rd 2021.
Donald McGarva, CEO of Amino Technologies plc, said: “We have had an excellent first half. We have grown revenue by 19 per cent and recurring revenue by 37 per cent and enter the second half of the year confident in meeting our full year expectations. We have executed strongly on our strategy and this progress provides us with the confidence to fulfil our ambitious growth plans. We continue to focus on growing software and recurring revenue whilst at the same time strengthening our long-term customer relationships and making it easy for people to connect to the TV and video they love.”