Amino Technologies plc - Interim Results for the six months ended 31 May 2011

Amino Technologies plc (‘Amino’ or the ‘Company’) (LSE: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, announces its unaudited consolidated results for the period ended 31 May 2011, including news of a third order from Telecom Italia.

Financial overview

• 36.2% increase in revenue to £24.7m (H1 2010: £18.1m)
  • Third consecutive H1 revenue growth
• 33.5% increase in gross profit to £6.0m (H1 2010: £4.5m)
• Adjusted* gross margin increased by 6.0 percentage points to 35.7% (H1 2010: 29.7%)
• Net cash balance has improved substantially to £11.6m (30 Nov 2010: £3.6m)
• Operating loss reduced to £0.4m, down by £0.6m (H1 2010: loss of £1.0m)

* Adjusted gross margin excludes Telecom Italia sales, Forex impact and provision for legacy stock

Operational overview

• Total shipments up 23% to 298,000 (H1 2010: 243,000)
• Order book of 153k units (H1 2010: 250k units) underpins revenue visibility into H2 2011
• Improved supply chain management and component simplification programme feeding through to improved margins
• OTT market developments offer significant opportunities for growth
• Third order from Telecom Italia for hybrid/OTT technology underlines growing market traction and revenue contribution
• Amino positioned as world leader in price/performance ratio, roadmap and innovation according to independent industry analysts Infonetics Research

Commenting on the results Keith Todd, Non-Executive Chairman, said:

“These encouraging results underline the continued progress Amino has made over the past 18 months. Across key performance metrics, the business has performed strongly and delivered record sales for the third consecutive half year period, improved margins, increased gross profits, generated a healthy H2 order backlog and significantly improved the cash position.

“The strength of our core IPTV product range – with over 200 operators deploying or trialling our new set-top boxes in the key North American market – is increasingly being complemented by traction we are seeing in the emerging OTT market. As evidence of this traction, I am pleased to announce today a third order from Telecom Italia to support its on-going Cubovision service rollout.

“The substantial improvement in our cash position and continued sharp focus on cost management and our supply chain, allied with our healthy new business pipeline, provides the Board with confidence for the full year.”

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