Amino Releases Preliminary Final Results For The Year Ended 30 November 2010

Monday, February 7th, 2011
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Amino Technologies plc (“Amino”; stock code: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, hybrid/Over the Top (“OTT”) TV and in-home multimedia distribution, announces its audited final results for the year ended 30 November 2010.

The financial results for the year were:

  • Revenues up 74% to £44.0m (2009: £25.3m)
  • Gross profit up 52% to £12.6m (2009: £8.3m)
  • Gross margins 4.3 percentage points down to 28.6% (2009: 32.9%) largely due to adverse foreign exchange markets and larger customer orders
  • EBITDA before exceptional items of £3.3m (2009: loss of £5.0m)
  • Operating profit before exceptional items of £1.8m (2009: loss of £6.4m) with operating loss after exceptional items of £0.9m (2009: loss of £8.8m)
    • H2 2010 operating profit after exceptional items of £0.1m (H1 2010: operating loss of £1.0m)
  • Year-end cash lower at £3.6m (2009: £9.0m) due to the cost of stock built to fulfil major tier 1 order which commenced delivery in December 2010
  • Net assets of £21.8m (2009: £21.9m)

Operational highlights:

  • Strong performance in core IPTV market with recovery in key markets and launch of new product portfolio gaining immediate traction
  • Investment in securing leadership in the emerging OTT TV market paying off with the launch, in December 2010, by a tier 1 Western European network operator of entertainment services based on the Company’s hybrid/OTT technology
  • Further OTT product developed and launched, after the year-end, targeting adjacent pay-TV market with initial technical trials underway with major operators
  • Strengthened management team through appointment of experienced COO and FD

Market Prospects

Amino moves into 2011 better positioned than at the start of the year. The advanced next generation IPTV product range, growing hybrid/OTT product portfolio, strengthened management and clear brand is a step change for the Company.

Economic conditions are improving but fragile and the Company remains vigilant to sensitivities within emerging markets and the supply and pricing of key components. However, with a backlog of orders for 157k units going into 2011, Amino has a strong platform on which to build in the year ahead.

More: Earnings Release