Amino releases final results for the year ended 30 November 2012

Monday, January 28th, 2013
Amino logo

Amino Technologies plc (“Amino” or the “Company”; stock code: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, OTT and in-home multimedia distribution, announces audited results for the year ended 30 November 2012 which demonstrate strong growth in profitability and cash.


Financial results

  • Gross profit up 20.8% to £17.5m (2011: £14.5m)
  • Underlying Gross margins up 9.3 percentage points to 42.0% (2011: 32.7%)
  • EBITDA of £6.2m, an increase of 42.2% (2011: £4.4m)
  • Operating profit of £2.8m (2011: loss of £0.6m)
  • Underlying revenue down 6.1% to £41.7m (underlying 2011: £44.4m; reported 2011: £51.8m) reflecting continued focus on profitability
  • Year-end net cash 21.3% higher at £17.1m (2011: £14.1m)
  • Proposed final dividend of 3p, an increase of 50% (2011: 2p) with an expectation of continued dividend growth of no less than 15 per cent per annum for each of the next two years

Operational highlights:

  • Strong focus on operational management
    • Improved execution delivered by new, refreshed management team
    • Strong working relationships maintained with supply chain partners
    • Primary technology facility located in the Cambridge area from 2013 to achieve productivity improvements
  • Strengthening the Amino product range
    • Innovative new products launched
    • More focused portfolio range proving key differentiator against competitors
    • Aminet software stack now integrated across entire product range
    • Technology roadmap to ensure faster development of market-leading solutions
  • Continued delivery to existing and new markets
    • Consistent demand for products in our key markets
    • Signed agreement to supply tier one European operator with Live media gateway platform

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

“Amino has performed strongly in 2012, and we have seen significant increases in both profit and cash flow, alongside material improvements in its operational execution. This has allowed us to sharply increase shareholder returns.

Moving into 2013, we will continue to target growth which is both high margin and cash flow generative, leveraging off a simplified supply chain and more targeted product range. Whilst exercising a suitable degree of caution, we are well positioned to meet its expectations for the financial year ahead.”

Chief Executive’s statement

The Company’s markets are dynamic and exciting with operator and service provider requirements evolving rapidly to meet consumer demand for new kinds of entertainment experiences. What was leading edge 18 months ago – for example, in the provision of “over the top” (OTT) capability for the delivery of content over the open Internet – is now a standard feature requirement. The ability to provide multiscreen delivery of content around the home to the TV, mobile device or laptop is also shaping customers’ service offerings and, in turn, product definition.

Geographical external customer revenue analysis (£000s)

                    Year to 30 November
                        2012       2011
                   ---------  ---------
United Kingdom           526        963
Russia                 1,460      3,518
Netherlands           11,510      7,789
Italy                  1,405     13,023
USA                   15,563     14,950
Rest of the World     11,236     11,572
                   ---------  ---------
  TOTAL               41,700     51,815

For this disclosure revenue is determined by the location of the customer.