Amino Technologies PLC Trading Update (4108Q)
June 06 2018 - 2:00AM
UK Regulatory
TIDMAMO
RNS Number : 4108Q
Amino Technologies PLC
06 June 2018
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
Trading Update
Amino Technologies plc (LSE: AMO), the global media and
entertainment technology solutions provider, provides the following
trading update for the six months ended 31 May 2018 ("H1
2018").
Amino entered the current financial year with a strong order
backlog and during H1 2018 booked over 40% more orders than in the
first half of 2017. This, along with good pipeline coverage, means
that the Board's expectations for the full year remain
unchanged.
As communicated previously and following the change in phasing
of orders by one of our major customers, we expect to return to our
normal seasonality in the current financial year, with revenues
weighted to the second half of the year. Consequently, we expect
revenue for H1 2018 to be lower year-on-year at approximately $41
million (H1 2017: $49.8 million). (Sterling equivalent H1 2018:
approximately GBP30 million revenues; H1 2017: GBP39.9 million
revenues).
We continue to see momentum in areas of strategic priority, such
as software and recurring revenues. Earlier this week we announced
that Kabelnoord, the leading Dutch cable operator, is to deploy
Amino's MOVE end-to-end multiscreen video platform in the second
half of the year.
Revenues from software and services sold on a standalone basis
continue to increase and are expected to be 12% of total revenue in
the period (H1 2017: 8%). Exit annual run rate recurring revenues
increased in the period to circa $5 million (H1 2017: $3.7
million). (Sterling equivalent H1 2018: GBP3.8 million revenues; H1
2017: GBP2.9 million revenues).
Net cash at 31 May 2018 was $15.1 million (31 May 2017: $16.8
million). (Sterling equivalent 31 May 2018: GBP11.3 million net
cash; 31 May 2017 GBP13.1 million net cash).
Following the completion of its review of the Group's reporting
currency announced in February 2018, the Board has decided to
change its reporting currency from Sterling to US Dollars. Since
the revenues, profits and cash flows of the business are primarily
generated in US Dollars, the Board believes this allows for greater
transparency of the underlying performance of the Group.
The Company's results for the six months ended 31 May 2018 will
be announced on 17 July 2018 and will include comparatives for the
prior six months ended 31 May 2017 and year ended 31 November 2017
presented in US Dollars.
Keith Todd CBE, Non-Executive Chairman, said:
"As operators transform their services to IP delivery to meet
consumer demand for entertainment 24/7 on any device we are seeing
good traction for our three clear market opportunities - upcycling,
the transition from cable to IPTV, and Android TV. Good visibility
provided by our order backlog and pipeline underpins the Board's
confidence in full year expectations."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Amino Technologies PLC +44 (0)1954 234100
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
finnCap Ltd (NOMAD and Joint Broker) +44 (0)20 7220 0500
Matt Goode / Carl Holmes / Simon Hicks (Corporate Finance)
Tim Redfern / Richard Chambers (Equity Capital Markets)
Liberum Capital Limited (Joint Broker) +44 (0)20 3100 2000
Cameron Duncan / Bidhi Bhoma
FTI Consulting LLP (Financial PR) +44 (0)20 3727 1000
Jamie Ricketts / Alex Le May / Darius Alexander
About Amino Technologies plc
Amino Technologies plc (LSE AIM: AMO) is a global media and
entertainment technology solutions provider to major network
operators and service providers in over 100 countries. Amino's
award-winning solutions enable operators to deliver advanced
multiscreen TV experiences to their customers. Since its founding
in 1998, the company has sold more than 10 million devices. Amino
Technologies plc is headquartered near Cambridge, in the UK, and is
listed on the AIM market of the London Stock Exchange.
www.aminocom.com
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END
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