Amino Technologies PLC – Half-year Results

Amino Technologies PLC – Half-year Results

Amino Technologies plc (LSE AIM: AMO), the global provider of media and entertainment technology solutions to network operators, announces unaudited results for the six months ended 31 May 2019.

 

Financial highlights:

H1 2019

H1 2018

Change

Revenue

34.6

41.2

(16%)

Adjusted gross profit (1)

15.4

17.1

(10%)

Adjusted gross profit margin (%)

44.5%

41.5%

3pp

Adjusted profit before tax (1)

4.7

3.8

24%

Adjusted basic earnings per share (US cents)(1)

6.03c

5.19c

16%

Statutory gross profit

15.9

17.3

(8%)

Statutory profit/(loss) before tax

2.5

(0.1)

Statutory basic earnings per share (US cents)

3.28c

0.21c

Net cash

19.3

15.0

28%

Interim dividend per share (GBP pence)

1.68p

1.68p

-%

 

Financial highlights

·    Resilient gross margin performance in macro-economic conditions which remain challenging

·    More than $5m annualised cost savings delivered in the period, as planned

·    Dividend maintained in line with previous commitment

·    Strong cash generation:119% adjusted operating cash conversion

·   Resilient balance sheet: $19.3m net cash at 31 May 2019

·   In line with full year expectations

Strategic and operational highlights

·    Transformation programme completed on schedule in April 2019

·    Acceleration of focus on value-added software, services and hardware

AminoOS: first major sale through new Original Design Manufacturer channel

AminoTV: deployed on a multi-tenanted platform for the first time

AminoVU devices (powered by Amino OS): supporting the roll out of fibre in Bolivia

Contract wins and partnerships in the US, Asia Pacific and South America driven by ability to deliver hardware supported by the agile capabilities of AminoOS software

Google certification: next generation devices received operator tier Android certification

·    Board appointments: Karen Bach appointed as Non-Executive Chairman, Steve Vaughan as Non-Executive Director, Erika Schraner as Non-Executive Director, providing excellent experience and balance to the board

Notes

(1)   Adjusted gross profit, adjusted gross profit margin, adjusted operating profit, adjusted profit before tax and adjusted basic earnings per share are non-GAAP measures and exclude amortisation of acquired intangibles, exceptional items and share-based payment charges. Further details of these adjustments are set out in note 5.

Karen Bach, Non-Executive Chairman, said:

 

"Amino made good progress in the first half of the year, in macro-economic conditions which remain challenging. Our strategy is on track, which aims to drive higher quality of earnings through a focus on recurring software revenues and services in addition to value-add hardware. We delivered strong margins and cash generation, reflecting the resilience and quality of the Amino business.

Our contract wins and partnerships reflect Amino's three long-term growth drivers: IP / Cloud TV Everywhere, Operator Ready Android TV and Upcycling legacy devices to next generation TV experiences. Ongoing progress with our transformation strategy allied to our strong order book, backlog and sales pipeline coverage underpins the Board's confidence in guidance for the full year."

This announcement is released by Amino Technologies plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Mark Carlisle, Chief Financial Officer.

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