Amino Technologies plc scraps final dividend
The global coronavirus crisis has prompted Amino Technologies plc in Cambridge to withdraw its February recommendation to pay shareholders a final dividend.
Amino says the move will enable it to retain $5.3 million of cash within the business. It is suspending all dividends until market conditions stabilise.
The company says that when it recommended a full-year dividend of 7.32p per share on February 27 for the year to end-November 2019 it was not possible to foresee the impact of COVID-19 on economies in countries where Amino operates.
It meant a final dividend of 5.637 was subject to shareholder approval at the company’s AGM today (April 2), an interim dividend of 1.683p per share having been paid last August. The company lost 7.13 per cent off its share price on the announcement.
Trading internationally, Amino provides media and entertainment technology solutions to network operators.
It says the outlook for the financial performance for the rest of the year remains uncertain due to disruption in several key economies in which it operates.
But it reports a strong balance sheet and robust liquidity. The group has gross cash of around $3.2m, drawn credit facilities of approximately $4.5m and undrawn credit facilities of $10.5m. China production is now back to normal levels.