Amino tastes La Dolce Vita
A fresh surge of business in the US and a new order from Italy has helped Amino Technologies plc in Cambridge UK increase revenue and cut its operating loss in the half-year to May 31.
The company, which provides digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, has also announced a third order from Telecom Italia for hybrid/OTT technology.
Keith Todd, the non-executive chairman, said the Telecom Italia deal underlines growing market traction and revenue contribution.
Amino saw its share price nudge marginally northwards after reporting a 36.2 per cent increase in revenue to £24.7m – its third consecutive H1 revenue growth.
Gross profit increased 33.5 per cent to £6m, helping to reduce the operating loss to £0.4m – down by £0.6m on the first half of 2010.
Amino’s balance sheet received a boost with the net cash balance improving substantially to £11.6m from £3.6m at the end of November.
Total shipments were up 23 per cent to 298,000 while the order book of 153k units underpins revenue visibility into H2 2011.
Todd said: “These encouraging results underline the continued progress Amino has made over the past 18 months. Across key performance metrics, the business has performed strongly and delivered record sales for the third consecutive half year period, improved margins, increased gross profits, generated a healthy H2 order backlog and significantly improved the cash position. “The strength of our core IPTV product range - with over 200 operators deploying or trialling our new set-top boxes in the key North American market - is increasingly being complemented by traction we are seeing in the emerging OTT market.
“As evidence of this traction, I am pleased to announce a third order from Telecom Italia to support its on-going Cubovision service rollout. The substantial improvement in our cash position and continued sharp focus on cost management and our supply chain, allied with our healthy new business pipeline, provides the board with confidence for the full year.”
• Photograph shows: Keith Todd, non-executive chairman, Amino