Trading Update

RNS Number : 4949D

Amino Technologies PLC

27 October 2015

 

27 October 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.

The Company now expects to report a second half shortfall in revenue versus expectations within its core Amino business.  As a result, the Company expects profit before tax, before exceptional items, to be below expectations, but in line with that achieved in the previous financial year.  The Company also confirms that revenue and cost synergies arising from its recent acquisitions of Entone Inc. and Booxmedia Oy are tracking ahead of plan and both the teams and product lines of each acquired company are integrating well.  

In spite of this expected trading outcome, the Board reconfirms its commitment to the Company's progressive dividend policy and expects net cash balances at the period end to remain in line with current expectations.

The Company has identified that its sales execution efforts in the second half have not been satisfactory.  Whilst a small proportion of the trading shortfall is due to the consolidation of certain customers and delays to some orders where the customer is considering the transition to 4K Ultra High Definition (UHD) services, sales execution is the primary factor for the shortfall in revenue.  As a consequence, and in order to rapidly improve sales planning and conversion, the Company has implemented a series of targeted actions across the business.

The Company will provide a full Trading Update for the year ending 30 November 2015 on 3 December 2015.

For further information please contact:

Amino Technologies PLC	[phone]
Donald McGarva, Chief Executive Officer
Julia Hubbard, Chief Financial Officer
finnCap Ltd (NOMAD and Joint Broker)	[phone]
Stuart Andrews / Matt Goode / Carl Holmes (Corporate Finance) Simon Johnson (Corporate Broking)
Canaccord Genuity Limited (Joint Broker and Financial Adviser)	[phone]
Simon Bridges / James Craven / Emma Gabriel
FTI Consulting LLP (Financial PR)	[phone]
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. 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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