Amino Technologies PLC Trading Update (7981H)
December 03 2015 - 2:00AM
UK Regulatory
TIDMAMO
RNS Number : 7981H
Amino Technologies PLC
03 December 2015
3 December 2015
Amino Technologies plc
("Amino" or "the Company")
Trading Update
Amino Technologies plc (LSE AIM: AMO), the Cambridge-based
provider of digital entertainment solutions for IPTV, Internet TV
and in-home multimedia distribution, today provides the following
trading update for the year ended 30 November 2015.
FY2015 financials
-- Revenue in line with revised market expectations
-- Profit in line with revised market expectations and prior year
-- Net cash ahead of market expectations at GBP2.1m and dividend policy reaffirmed
The Company is pleased to confirm that it is trading in line
with revised market expectations (as updated following the trading
update on 27 October 2015) for both revenue and profit before tax
and exceptional items.
Net cash of GBP2.1m as at 30 November 2015, following the
acquisition of Entone Inc. in August 2015, is ahead of market
expectations (FY 2014: GBP20.8m). The Board is pleased to be able
to reiterate its commitment to the Company's progressive dividend
policy of no less than 10% growth per annum up to and including the
year ending November 2016.
Sales team actions
Further to the Company's trading update on 27 October 2015,
Amino has restructured its sales team to address the problems in
execution experienced in the second half of 2015. The new
integrated sales organisation across the Amino and Entone
businesses will be led by Steve McKay, who led Entone's
international expansion and successfully secured a number of Tier 2
customers, including Cincinnati Bell, in his former role as CEO of
Entone Inc. The Company now has a better sales focus in all key
regions, with dedicated teams for Latin America and Europe and a
new combined sales team for North America.
Acquisition integration progress
The Group continues to make solid progress with regard to the
Booxmedia and Entone acquisitions that were completed in May and
August 2015 respectively. The Entone acquisition is expected to
drive significant cost synergies and the integration of teams and
product lines of each acquired company is on schedule.
The acquisition of Entone has strengthened the combined group
position in the North American market with the addition of direct
Tier 2 operator customers - Cincinnati Bell and Consolidated
Communications Inc. - complementing existing distribution partners
serving Tier 3 operators. The enlarged group has also brought
stability in Western Europe to a wider base of Tier 2 operator
customers. Eastern Europe has been more challenging, with the
potential consolidation of a major South Eastern European customer
impacting further roll out of their IPTV solution.
Since the completion of the acquisition of Entone, the Company
is engaged in a number of new hybrid TV opportunities based on
Entone's portfolio.
Booxmedia sales and marketing plans have progressed well with
two major customer wins secured in the second half of 2015. Dutch
utilities and digital services company DELTA selected Booxmedia's
white-label platform and products to provide, install and maintain
a new end-to-end multiscreen cloud TV solution. Belgian broadcaster
RTL selected Booxmedia to provide, install and maintain a full
end-to-end cloud video-on-demand (VOD) platform.
Management update
The Board of Amino Technologies also announces that Julia
Hubbard, Chief Financial Officer, has recently taken a short leave
of absence from the business with the Board arranging appropriate
cover for her absence through the services of Julian Sanders, who
previously acted as Amino's Interim Chief Financial Officer during
Julia's maternity leave in 2014. Julia's leave of absence has now
been extended beyond the short period originally envisaged by the
Board and accordingly Julian will continue to provide interim
support.
Commenting on the announcement, Keith Todd CBE, Non-Executive
Chairman, said:
"I am pleased to report that revenue and profits are in line
with revised expectations. Our executive team have focused on
improving our sales capabilities and structure to ensure we can
best meet our existing and potential new clients' needs across our
key geographies and drive growth. This, coupled with strong
progress in the integration of Entone as well as the great progress
at Booxmedia, are already starting to be reflected in increased
interest in our cloud TV and IPTV broadcast offerings."
-Ends-
For further information please contact:
Amino Technologies PLC +44 (0)1954 234100
Donald McGarva, Chief Executive Officer
Julian Sanders, Interim Chief Financial Officer
finnCap Ltd (NOMAD and Joint Broker) +44 (0)20 7220 0500
Stuart Andrews / Matt Goode / Carl Holmes (Corporate Finance)
Simon Johnson (Corporate Broking)
Canaccord Genuity Limited (Joint Broker and Financial Adviser) +44 (0)20 7523 8000
Simon Bridges / James Craven / Emma Gabriel
FTI Consulting LLP (Financial PR) +44 (0)20 3727 1000
Matt Dixon / Chris Lane / Alex Le May / Nicola Krafft
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. During 2015, Amino has enhanced its offering
through the acquisition of Entone Inc., a provider of broadcast
hybrid TV and connected home solutions, and cloud TV platform
provider Booxmedia. 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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