AFERIAN PLC 4 Jun 2015
Amino Technologies plc("Amino" or "the Company")
Trading Update
Amino Technologies plc (LSE AIM: AMO), the Cambridge-based leader in digital entertainment solutions for in-home multimedia distribution, provides the following update on trading for the six months ended 31 May 2015.
The Company is pleased to report that the return to revenue growth, as announced at the time of the Amino's full year results in February 2015, has continued and for the half-year expects to report year-on-year growth in both revenue and profit before tax.(1) In addition, the Company expects to report a first half closing net cash balance of £16.8m (H1 2014: £19.7m), after a £5.2m outflow in respect of the initial cash consideration and acquisition related costs for the recent acquisition of Booxmedia, the Finnish cloud TV platform provider and final dividend of £2.0m (2014: £1.3m). Excluding the acquisition costs, the net cash balance is £2.3m ahead of the previous year. The Company expects the traditional second half seasonal weighting in revenues to continue and is confident that results for the full year ending 30 November 2015 will be in line with current market expectations.
The Company continues to make good progress in its core markets of Western Europe and particularly in North America, where performance has been consistently strong during the period. Momentum in new markets, including the Middle East and Africa region, has also been encouraging with good traction and initial orders achieved.
The Booxmedia acquisition significantly strengthens Amino's capabilities in the delivery of "TV everywhere" entertainment to multiple screens and has been well received by customers and ecosystem partners alike. The development of joint Amino and Booxmedia sales and marketing plans is underway to target both existing and new markets including mobile operators, media distribution companies and broadcasters.
The Board is pleased to confirm that it intends to recommend an interim dividend of 1.265 pence per share (H1 2014: 1.15 pence per share), representing a 10% year-on-year increase. This is in line with the existing dividend commitment to pursue a progressive dividend policy of no less than 10% growth per annum up to and including the year ending November 2016. Further details on the interim dividend will be given at the time of the Company's interim results announcement.
Commenting on the update Keith Todd CBE, Non-Executive Chairman of Amino said:
"Amino continues to deliver growth in revenue and profit as well as strong cash generation. This strong first half performance together with the recent Booxmedia acquisition underpin our confidence in delivering the full year performance. We are also pleased to confirm that we will recommend a 10% increase in the interim dividend, underlining our commitment to a progressive dividend policy."
(1) Profit before tax prior to the exceptional duties rebate of £700k announced on 24 February 2015.
Ends
For further information:
Amino Technologies plc +44 (0)1954 234100
Donald McGarva, Chief Executive Officer
Julia Hubbard, Chief Financial Officer
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Chris Lane / Alex Le May
finnCap Limited +44 (0)207 220 0500
Stuart Andrews / Matt Goode
About Amino Technologies plc
Amino Technologies plc specialises in the development and delivery of IPTV/OTT solutions. With over five million devices sold to 1,000 customers in 100 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino Technologies plc is headquartered near Cambridge, in the UK, and is listed on the AIM market of the London Stock Exchange (AIM: symbol AMO).
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