Amino announces results for the six months ended 31 May 2009

Tuesday, August 18th, 2009
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CAMBRIDGE — Amino Technologies plc (‘Amino’ or the ‘Company’) (LSE: AMO), the 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 2009.

Profit and Loss

Revenue in the period was £12.80m compared with £14.53m in H1 2008. An increase in average selling price – as the sales mix transitions to MPEG-4 HD products – and currency benefits limited the reduction in revenue from the sale of set-top boxes to a fall of 12% to £12.12m against a 30% reduction in unit shipments to 178,000. Unit shipments in Europe were slightly ahead of the corresponding period last year at 146,000 units. Fees from support and expert services increased by £0.24m to £0.40m (H1 2008: £0.16m). Licence fees, all from the licensing of set-top box technologies, reduced by £0.29m to £0.28m (H1 2008: £0.57m).

Gross margin returned to a more normal level of 35.5%, as compared to the exceptionally high levels enjoyed in H1 2008 of 44.2%, primarily due to the inclusion of lower margin sales on Tilgin IPTV’s Mood products. Reflecting the reduction in revenue and gross margin, gross profit in the period reduced to £4.54m compared with £6.42m in H1 2008.

As compared to H1 FY2008, pre-exceptional operating costs increased by £1.84m to £7.65m of which £0.67m resulted from the acquisition of Tilgin IPTV and £0.77m related to the acquisition of AssetHouse.

The Group incurred an operating loss of £3.10m before exceptional items, compared to a profit of £0.61m in H1 2008. Exceptional costs in relation to the reduction in operating cost base of £0.49m were recognised in the period and a further £0.21m will be recognised in H2. Operating loss after exceptional items was £3.60m (H1 2008: profit of £0.61m).

Net finance income of £0.04m (H1 2008: £0.48m) reflected lower interest rates and reduced net cash balances. Net loss after tax is £3.56m (H1 2008: profit £0.99m) leading to a loss per share of 6.53p (H1 2008: earnings per share of 1.76p).

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