Final Results
Amino Technologies PLC
28 January 2008
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|FOR IMMEDIATE RELEASE | 28 January 2008|
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AMINO TECHNOLOGIES PLC
RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2007
Amino Technologies plc ('Amino' or 'the Group'; stock code: AMO), the Cambridge
based broadband network software and systems Group, announces its audited final
results for the year ended 30 November 2007.
Key points:
• Amino has achieved a strong turn-round to profitability, building on the
Group's core strengths within the IPTV technology sector.
• The financial results for the period were:
o Revenues increased 27% to £32.3m (2006: £25.4m);
o Gross margins remained solid at 35.1% (2006: 36.3%);
o Operating profit turned round by £2.82m to £0.65m (2006: operating loss
of £2.18m); and
o Profit before tax was £1.4m (2006: loss before tax £1.6m as restated)
reflecting strong growth and reduced costs.
• Balance sheet remains strong and net cash increased by £3.1m to £17.0m
(2006: £13.9m).
• Shipments of AmiNET products for the period increased 45% to 598,000
(2006: 413,000);
• Since the year end, board has been strengthened with the appointment of
Peter Murphy as a non-executive director.
On outlook, Keith Todd, Chairman stated:
'The board believes that Amino is well placed to continue to grow and to
maintain a leadership position in IPTV. The board and executives are working to
improve the financial performance of the business, balancing investment with
profitable growth as we strive to establish sustained profitability.'
CONTACTS
Amino Technologies: today: 020-7367-8888
Keith Todd, Chairman thereafter on:
01954-234100
Bob Giddy, Chief Executive www.aminocom.com
Stuart Darling, Finance Director
Bankside: 020-7367-8888
Steve Liebmann or Simon Bloomfield
KBC Peel Hunt Ltd. (Nominated adviser and broker) 020-7418-8900
Julian Blunt or David Anderson
About Amino
Amino Technologies plc (www.aminocom.com) specialises in IPTV software
technologies and hardware platforms that enable delivery of digital programming
and interactivity over the Internet. Amino's technologies have been used in
commercial deployments and trials in over 80 countries worldwide. Amino's
principal customers are telecommunications, broadcast and hospitality service
operators. Amino is partnered with world-leading companies in systems
integration, middleware, conditional access, silicon, head-end systems and
browser technologies.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to announce a year of strong progress and profits for the year
ended 30 November 2007, building on the Group's historic strengths to deliver
our business plan for the year.
As I said last year, the Group has a number of core strengths including a very
strong position in the tier 2 and tier 3 telco Internet Protocol TV ('IPTV')
market, global distribution channels, a low cost manufacturing supply chain and
a very strong brand. These strengths have stood us in good stead over the past
year, enabling the Group to increase revenues, gross margin and deliver the
profit improvement.
Results and finance
Revenue for the year increased 27% to £32.3m (2006: £25.4m) and the revenue from
the top 20 accounts, which account for over 92% of the revenues, was up 34% to
£30.0m (2006: £22.4m). The bulk of revenues in the year were based on sales of
established MPEG-2 products with the newer MPEG-4 products beginning to
contribute to sales in the latter part of the year. At the same time as
increasing both revenue and gross profit, the Group reduced its operating cost
base during the year by 7% to £10.7m (2006: £11.4m). The Group generated a
profit before tax of £1.4m (2006: loss of £1.6m).
The Group net cash increased to £17.0m as at 30 November 2007 (2006: £13.9m).
Strategy and competitive market position
Our core strategy is proving successful and will be maintained into 2008; Amino
will continue to exploit the emerging IPTV market, especially within the tier 2
and 3 telco's which are deploying IPTV first and to progressively address the
total market including tier 1 participants through direct selling and
partnerships. While breaking into the tier 1 telco remains an objective, Amino
has a successful, growing business within the tier 2 and tier 3 marketplace. In
fact as the broadband market continues to develop, the power of the tier 1
telco's to 'control' access to the consumer is reducing. This will lead to
additional opportunities for Amino in the so called tier 2/3 market are these
emerging telco's develop their IPTV strategies.
The board is evaluating additional strategic initiatives that are complementary
to the core strategy to further accelerate the growth of the business in the
medium term that will exploit the knowledge and assets that Amino has created
and invested in over the past few years in delivering over 1.5 million set-top
boxes ('STBs') to over 1,800 customers. While the bulk of annual revenues are
generated by our top 20 customers, the large number of other customers represent
the 'seed corn' for future revenues as well as giving Amino access to the wider
market.
The market today continues the transition from MPEG-2 to MPEG-4 technologies
which offer greater data compression and reduced requirement for internet
bandwidth. Amino's market will be underpinned by the continuing demand for
MPEG-2 products and supplemented by the emerging MPEG-4 market opportunity for
both standard definition (SD) and high definition (HD) products. The full
development of the MPEG-4 HD market is dependent on sufficient network capacity
becoming available. As evidenced in the US, networks ideally need to be able to
deliver multiple HD streams as consumers generally have more than one TV in the
home. Amino is well placed to exploit this market as the MPEG-4 HD growth
accelerates. Today, Amino continues to grow successfully through the delivery of
MPEG-2 and MPEG-4 SD products.
Amino's partnerships have progressed across Asia during the year - not just as
direct revenue opportunities but also as additional sources for manufacturing
product.
Operational delivery
The Group operates in a highly dynamic marketplace that is still evolving.
Different regions of the world are adopting different combinations of suppliers
to fulfil the whole service requirement; the roll-out of MPEG-4 SD and HD is
occurring at varied speeds and with different priorities. This leads to
significant complexity and 'supply side' cost. The extensive customer base that
Amino has helps gives us a unique insight into what is actually happening in the
market.
All companies face specific execution risks in such rapidly developing markets.
These risks fall mainly into three areas: sales, technology and supply. The
board and executive are continuing to undertake reviews of aspects of these to
reduce or mitigate the risks. The Amino board and executive are well placed to
benefit from its 2007 experience and further improve the Group's execution
capability.
Board
The non-executive representation on Amino's Board has been re-constituted
further over the past month with a view to providing a structure and breadth of
skills to take Amino through its next phase of growth.
In that context, I was pleased to announce recently the appointment of Peter
Murphy as a non-executive Director and Chairman of the Audit Committee. Andrew
Burke, who was appointed as a director last year, has been appointed Chairman of
the Remuneration Committee.
Staff
The Group could not have been achieved this progress without the knowledge,
skill and energy of the entire staff. The Board and I would like to thank them
for their continued commitment to the development of Amino.
Outlook
The Board believes that Amino is well placed to continue to grow and to maintain
a leadership position in IPTV, a market still in its early stages of growth. We
are working to improve further the financial performance of the business,
balancing investment with growth in order to establish sustained profitability.
Keith Todd CBE
Non-Executive Chairman
CHIEF EXECUTIVE'S REPORT
Introduction
At the outset of the year, we set ourselves and have achieved the key objectives
of maintaining our business momentum while at the same time, reducing the levels
of risk. By focusing upon our core strengths we have grown revenues, sustained
our gross margins, increased profit and maintained our position as a market and
technology leader as evidenced by a very satisfactory list of 'industry firsts'.
IPTV is still evolving. The transition to MPEG-4, particularly high definition
(HD), has and will continue to be a challenge until all aspects of the related
technologies stabilise. This will take time and will be influenced by industry
consolidation. Amino, by virtue of having demonstrated its competence,
organisational stability, financial strength and technology leadership, is well
placed to take advantage of the many benefits that this should bring.
Achievements
Whilst the Group has been focused and dedicated to bringing a range of MPEG-4HD
products to the market, we were delighted to have achieved -
• February: Deployment of Switzerland's first Fibre To The Home (FTTH)
solution with Sierre Energie;
• October: MPEG-4 H.264 certification (the first MPEG-4 HD set-top box to
meet the Premium Conformance standards);
• October: First deployment of a combined MPEG-4HD Satellite and IPTV
service in North America with NDS and SES Americom; and
• November: Membership of Open IPTV Forum by their invitation.
In addition to the achievements within our core expertise, Amino has continued
to innovate in its markets and applications; for example:
• Launched:
o May: In partnership with Orb Networks, delivery of personal and
broadband media to a TV screen;
o August: Truly interactive application with Accedo Broadband in North
America;
o October: First ever Wireless IPTV deployment (Chile); and
o December: First IPTV deployment in Central America.
Our market
These events have contributed to Amino being recognised by ABI Research as an
IPTV market leader for the third consecutive year. Whilst the statistics in
this, or indeed any other report, cannot be taken as an absolute statement of
fact, it is independent validation that Amino has continued to apply and direct
its resources and efforts in the execution of realisable business that has
brought measurable rewards.
From 2004 through to 2008 Amino's revenues 51% (CAGR); this is consistent with
market growth reported by both ABI Research and IMS Research.
Strategy, environment and direction
We intend to continue to expand and build upon our strong sales channels in the
Americas, Western and Eastern Europe, India and China. These channels have
enabled Amino to become a market leader.
Together with committed partners such as WNC Wistron, we are targeting the tier
1 telco's with our new MPEG-4 products. WNC has the proven capacity,
infrastructure, reach and experience to satisfy the service criteria that is
common to most tier 1 telco's. However, many tier 1 telcos are slow to commit
whilst they seek to close the gap between the broadband bandwidth required for
IPTV and the capacity of their existing networks.
The market has developed so far with IPTV solutions built from individual
product components (including: head end, middleware, conditional access, browser
and set-top box), each selected from one of a number of suppliers. When
integrated, these products form the complete solution; we refer to this as the
'eco-system'. While these ad-hoc technology and business relationships
(eco-systems) have been chosen by many tier 2 and tier 3 telcos, the larger tier
1 telco's usually look for a complete solution. Amino is planning to use its
considerable integration skills, business relationships and market knowledge to
offer a fully packaged solution when desired. This will lower a customer's cost
of ownership whilst increasing Amino's added value and strengthening its
competitive position.
During 2007 we introduced a product for Internet TV. Whilst we have not yet
enjoyed any significant revenues from this product, we have benefited from
demonstrating our vision and innovation. Internet TV is becoming known as 'Over
the Top TV'. It supplements IPTV (the 'walled garden') and is forecast widely to
become increasingly popular. It allows the consumer to enjoy the classic
television experience and mix the conventional scheduled, sports and movie
programmes with personalised video blogs. Amino is able to provide the 'gate'
that opens up the 'walled garden' without breaching security or prejudicing
viewing quality. As with IPTV, we are well placed to exploit this opportunity
together with the early adopters of 'Over the Top TV'.
Risk reduction
We have now achieved the critical mass that gives us greater control over our
supply chain. We now have three suppliers (contract or licensed manufacturers)
for our products and are no longer dependent upon any one supplier for any given
product. In addition to lowering the risk, this has enabled us to maintain the
competitiveness of our supply chain.
Additionally, more chip suppliers have entered the MPEG-4 arena. Whilst there
isn't a simple plug-in replacement for these complex devices, we are able to
secure a functionally equivalent product that reduces further our exposure to
any one supplier.
Market prospects
There are continual references in the media to the rapidly changing viewing
patterns of today's consumers. The common thread to these articles is that
flexible, inter-active viewing can only be achieved through services delivered
over broadband.
Amino continues to be at the very heart of IPTV and Internet TV. This provides
an exciting and motivating environment for our staff and a huge opportunity for
revenue growth, both organic and through acquisition. Moving forward, we have
created a solid, sustainable base for development which is not dependent upon
any one application, customer, region, partner, channel or supplier.
Bob Giddy
Chief Executive Officer
FINANCE DIRECTOR'S REPORT
Results for the year
As indicated in my report last year, the Group's focus in FY2007 has been to
improve profitability by increasing gross profit generated whilst reducing fixed
operating cost. I am pleased to report that this was achieved.
Revenue increased by 27.0% to £32.25m (2006: £25.45m) from the sale of 598,000
(2006: 413,000) set-top boxes and associated engineering consultancy, support
services revenue and licence income. Whilst approximately 96% of revenues were
generated from set-top box sales, partnership agreements announced at the start
of the year have helped Amino to address key emerging markets such as China,
Asia Pacific and India generating £0.86m of licence and royalty income in a cost
effective manner.
Growth in revenue and gross profit has been adversely affected by the continued
weakness in the US dollar against sterling because the substantial majority of
sales and cost of sales are transacted in US dollars. The value of the US dollar
against sterling decreased by approximately 5% during the year.
Gross margins remain healthy at 35.1% (2006: 36.3%) contributing to an increase
in gross profit of 22.3% to £11.31m (2006: £9.25m).
Operating expenses reduced by 7% to £10.66m (2006: £11.43m) despite continued
essential investment in the market transition from MPEG-2 to MPEG-4
technologies. Sales, general and administrative expenses reduced by £0.58m to
£7.41m (2006: £8.00m) and research and development expenses were largely
unchanged at £3.24m (2006: £3.42m). At the year-end, headcount was 100 (2006:
103). The average number of employees during the year was 107 (2006: 113).
The board plans to increase headcount and operating expenses by 10-15% in FY2008
to support the market transition from MPEG-2 to MPEG-4 technologies and expected
continued growth in business activity.
The Group generated an operating profit for the year of £0.65m (2006: loss of
£2.18m) despite incurring an operating loss of £0.64m in the first half. The
improved performance achieved in the second half demonstrates productivity gains
achievable from higher volumes.
Net interest received during the year was £0.74m (2006: £0.54m).
The Group received payable research and development tax credits of £0.93m in the
year in respect of expenditure incurred in FY2005 and FY2006.
Net assets which increased by £2.21m to £29.05m (2006: £26.84m) provide the
Group with a strong working capital base. The primary components of net assets
are net cash balances of £17.03m (2006: £13.88m), trade debtors of £9.64m (2006:
£7.61m) and stock of £2.66m (2006: £3.81m). The increase in net assets largely
reflects operating profit generated, net interest receivable and payable
research & development tax credits received during the year.
Whilst representing approximately 30% of revenues in the year, 90% of trade
debtors of £9.64m (2006: £7.61m) were invoiced in October and November 2007
reflecting the Group's traditionally strong fourth quarter.
As at 30 November 2007, the Group had approximately £12m of tax losses available
to carry forward to set against future taxable profits, of which losses of
£6.00m are recognised by the deferred tax asset of £1.72m and £6.00m remains
unrecognised.
Amino completed a reduction of capital in the year and ended the year with
distributable reserves of £20.28m.
The Group has a strong balance sheet with assets primarily made up of cash and
trade debtors. The research and development investments made in the previous
three years in developing MPEG-4 set-top box technologies should generate
revenues and gross profits in the years ahead. Future profits are expected to be
sheltered by the considerable tax losses carried forward.
Stuart Darling
Finance Director
Consolidated profit and loss account
For the year ended 30 November 2007
Notes Year to Year to
30 November 30 November
2007 2006
(as
restated)
Audited Audited
£ £
Turnover 3 32,253,156 25,447,255
Cost of sales (20,945,251) (16,197,987)
__________ __________
Gross profit 11,307,905 9,249,268
Selling, general and administrative expenses (7,409,465) (8,002,600)
Research and development expenses (3,252,115) (3,423,107)
__________ __________
Group operating profit /(loss) 646,325 (2,176,439)
Interest receivable and similar income 967,903 623,525
Interest payable and similar charges (230,831) (83,506)
__________ __________
Group profit / (loss) on ordinary activities 1,383,397 (1,636,420)
before taxation
Tax on profit / (loss) on ordinary activities 932,573 48,171
__________ __________
Group profit / (loss) on ordinary activities
after taxation being profit / (loss) for the
financial year 2,315,970 (1,588,249)
__________ __________
Basic earnings / (loss) per 1p ordinary share 4 4.1p (2.8p)
Diluted earnings / (loss) per 1p ordinary 4 3.9p (2.8p)
share
Statement of Group total recognised gains and losses
for the year ended 30 November 2007
Year to Year to
30 November 30 November
2007 2006
(as
restated)
Audited Audited
£ £
Profit / (loss) for the financial year 2,315,970 (1,588,249)
Exchange translation difference on (149,218) (185,080)
consolidation
__________ __________
Total recognised gains / (losses) for the year 2,166,752 (1,773,329)
__________ __________
Prior year adjustment - share based payment (140,607) n/a
charge
Total recognised gains since last Annual Report 2,026,145 n/a
__________
All amounts above relate to continuing activities.
Consolidated balance sheet
as at 30 November 2007
Notes As at As at
30 November 30 November
2007 2006
(as
restated)
Audited Audited
£ £
Fixed assets
Intangible assets 960,778 818,408
Tangible assets 1,118,891 1,413,734
_________ _________
2,079,669 2,232,142
_________ _________
Current assets
Stocks 2,659,659 3,808,362
Debtors: amounts falling due after more than 5 1,882,450 1,914,406
one year
Debtors: amounts falling due within one year 5 10,720,082 8,586,781
12,602,532 10,501,187
Short-term investments 2,000,000 9,000,000
Cash at bank and in hand 15,065,867 12,658,769
_________ _________
32,328,058 35,968,318
Creditors: amounts falling due within one year 6 (5,358,920) (11,323,294)
_________ _________
Net current assets 26,969,138 24,645,024
Total assets less current liabilities 29,048,807 26,877,166
Creditors: amounts falling due after more than 6 - (36,299)
one year
_________ _________
Net assets 29,048,807 26,840,867
_________ _________
Capital and reserves
Called-up share capital 7 584,130 582,630
Shares to be issued 7 68,667 171,000
Share premium account 79,749 21,807,240
Merger reserve 16,388,755 16,388,755
Profit and loss account 11,927,506 (12,108,758)
_________ _________
Total shareholders' funds 8 29,048,807 26,840,867
_________ _________
Consolidated cash flow statement
for the year ended 30 November 2007
Notes Year to Year to
30 November 30 November
2007 2006
Audited Audited
£ £
Net cash inflow from operating activities 9 1,901,106 459,334
Returns on investments and servicing of finance
Interest received 913,552 551,491
Interest paid (230,831) (9,506)
__________ __________
Net cash inflow from returns on investments and
servicing of finance 682,721 541,985
__________ __________
Taxation 914,186 -
__________ __________
Capital expenditure and financial investment
Purchase of tangible fixed assets (183,423) (723,894)
Purchase of intangible fixed assets (408,677) (173,652)
__________ __________
Net cash outflow for capital expenditure and (592,100) (897,546)
financial investment
__________ __________
Acquisitions net of cash acquired - (617,702)
Net cash inflow / (outflow) before use of
liquid resources and financing 2,905,913 (513,929)
__________ __________
Management of liquid resources
Decrease / (increase) in short-term deposits 7,000,000 (8,570,000)
with banks
__________ __________
Financing
Issue of ordinary share capital 16,000 -
Cash received from exercise of share options 2,540 53,024
(Decrease) in other borrowings (46,555) (30,124)
(Decrease) / Increase in bank borrowings (7,351,014) 8,064,516
__________ __________
Net cash (outflow) / inflow from financing (7,379,029) 8,087,416
__________ __________
Increase / (decrease) in cash 2,526,884 (996,513)
__________ __________
Reconciliation of net cash flow to movement in
net funds
Opening net funds 13,968,354 14,468,271
Increase / (decrease) in cash 2,526,884 (996,513)
(Decrease) / increase in deposits (7,000,000) 8,570,000
Decrease / (increase) in borrowings 7,351,014 (8,064,516)
Exchange adjustments 219,115 (8,888)
__________ __________
Closing net funds 17,065,367 13,968,354
__________ __________
Notes
1 Basis of preparation
The financial information in this preliminary announcement does not constitute
the Company's statutory accounts for the year ended 30 November 2007 or the year
ended 30 November 2006, but is derived from those accounts. Statutory accounts
for 2006 have been delivered to the Registrar of Companies and those for 2007
will be delivered after the Company's Annual General Meeting. The auditors have
reported on those accounts; their reports were unqualified and did not contain
statements under s237(2) or s237(3) Companies Act 1985.
2 FRS20 Share-based payments
The Group is required to adopt FRS20, 'Share-based Payment', for the first time
for accounting periods commencing on or after 1 January 2006. In accordance with
the transitional provisions of FRS20, the Group is required to recognise an
expense in respect of options granted after 7 November 2002 that were unvested
as of 1 December 2006. This expense, which is calculated by reference to the
fair value of the options granted, is recognised on a straight line basis over
the performance period based on the Group's estimate of options that will
eventually vest. The charge is then credited back to reserves. The adoption of
the Standard has no effect on the Group's cash flow or net assets.
Comparative figures for the year to 30 November 2006 have been restated to apply
the provisions of FRS20, increasing expenses and the loss for the year as shown
below:
2007 2006
Audited Audited
(as
restated)
£ £
Profit / (loss) for the financial year 2,315,970 (1,588,249)
Share-based payments charge 50,532 140,607
_________ _________
Adjusted profit / (loss) for the financial year
before FRS20 Share-based Payments 2,366,502 (1,447,642)
_________ _________
3 Turnover segmental analysis
Turnover is wholly attributable to the Group's principal activity. In the
opinion of the directors, the Group currently has only one class of business.
The analysis of turnover by destination is set out below.
Year to Year to
30 November 30 November
2007 2006
Audited Audited
£ £
Geographical analysis
United Kingdom, Europe and Africa 16,313,448 13,244,131
Americas 14,858,934 11,892,181
Asia Pacific 1,080,774 310,943
_________ _________
32,253,156 25,447,255
_________ _________
4 Earnings / (loss) per share
Year to Year to
30 November 30 November
2006 2006
(as
restated)
Audited Audited
£ £
Earnings attributable to shareholders 2,315,970 (1,558,249)
_________ _________
Weighted average number of shares (Basic) 56,038,502 55,832,244
_________ _________
Weighted average number of shares (Diluted) 58,756,175 n/a
_________ _________
The calculation of basic (loss)/earnings per share is based on profit/(loss)
after taxation and the weighted average number of ordinary shares of 1p each in
issue during the period.
For diluted (loss)/earnings per share, the weighted average number of ordinary
shares in issue is adjusted to assume conversion of all dilutive potential
ordinary shares. The Group has two categories of dilutive potential ordinary
shares: share options where the exercise price is less than the average market
price of the Company's ordinary shares and deferred ordinary shares in respect
of the acquisition of SJ Consulting Limited (see note 7). There is no dilutive
effect in respect of the year ended 30 November 2006 as the Group was loss
making.
5 Debtors
As at As at
30 November 30 November
2007 2006
Audited Audited
£ £
Amounts falling due after more than one year:
Other debtors 163,450 195,406
Deferred tax 1,719,000 1,719,000
_________ _________
1,882,450 1,914,406
_________ _________
Amounts falling due within one year:
Trade debtors 9,637,252 7,610,249
VAT recoverable 80,107 103,044
Other debtors 16,636 6,471
Prepayments and accrued income 986,087 867,017
_________ _________
10,720,082 8,586,781
_________ _________
Other debtors comprise rent deposits and amounts due in respect of share option
exercises.
6 Creditors
Amounts falling due within one year
As at As at
30 November 30 November
2007 2006
Audited Audited
£ £
Bank loans and overdrafts - 7,690,415
Other loans 37,229 47,485
Trade creditors 1,910,724 2,558,223
Taxation and social security 181,741 202,740
Other creditors 30,166 -
Corporation tax - 18,707
Accruals and deferred income 3,199,060 805,724
_________ _________
5,358,920 11,323,294
_________ _________
Bank loans and overdrafts are secured by a fixed and floating charge over the
assets of Amino Communications Limited.
Amounts falling due after more than one year
As at As at
30 November 30 November
2007 2006
Audited Audited
£ £
Other loans - 36,299
_________ _________
Other loans comprise unsecured borrowings from a third party at a fixed interest
rate of 5% (2006: 5%).
7 Called-up share capital
As at As at
30 November 30 November
2007 2006
Audited Audited
£ £
Authorised
100,000,000 (2006: 100,000,000) ordinary shares of 1p 1,000,000 1,000,000
each
_________ _________
Allotted, called up and fully paid
58,413,051 (2006: 58,263,052) ordinary shares of 1p 584,130 582,630
each
_________ _________
In respect of the acquisition of SJ Consulting Limited during 2006, the Company
issued 99,999 ordinary shares on 20 January 2007 (the anniversary of the
acquisition date) at a price of £0.6525. It has the obligation to issue 133,333
ordinary shares of 1p each in tranches of 66,666 ordinary shares on the second
anniversary of the acquisition date and 66,667 ordinary shares on the third
anniversary, contingent upon the continued service of certain key employees.
On 20 January 2007 50,000 ordinary shares of 1p each were issued for
consideration of £0.32 per share.
8 Reconciliation of movements in shareholders' funds
Year to Year to
30 November 30 November
2007 2006
(as
restated)
Audited Audited
£ £
Opening shareholders' funds 26,840,867 28,249,565
Profit / (loss) for the period 2,315,970 (1,588,249)
Exchange differences on consolidation (149,218) (185,080)
Issue of ordinary share capital - capital 1,500 -
Issue of ordinary share capital - share premium 79,749 -
Shares to be issued (102,333) 171,000
Share based payment charge 50,532 140,607
Exercise of employee share options 11,740 53,024
_________ _________
Closing shareholders' funds 29,048,807 26,840,867
_________ _________
9 Reconciliation of operating profit / (loss) to net cash inflow from operating
activities
Year to Year to
30 November 30 November
2007 2006
(as
restated)
Audited Audited
£ £
Operating profit / (loss) 646,325 (2,176,439)
Depreciation and amortisation charge 704,255 563,915
Loss on disposal of tangible fixed assets 112 760
Share based payment charge 50,532 140,607
Decrease / (increase) in stocks 1,148,703 (2,347,606)
(Increase) / decrease in debtors (2,457,085) 2,836,057
Increase in creditors 1,842,063 1,618,232
Exchange differences on consolidation (33,799) (176,192)
_________ _________
Net cash inflow from continuing operating activities 1,901,106 459,334
_________ _________
10 Contingent liabilities
Amino's products incorporate third party technology, usually under licence.
Inadvertent actions may expose the Group to the risk of infringing third party
intellectual property rights. Potential claims can still be submitted many
years after a product has been deployed. Any such claims are vigorously
defended
11 Copies of the Group's annual report will be sent to shareholders in due
course and will be available on the Group's website (http://www.aminocom.com)
pursuant to AIM rule 26 at that time.
This information is provided by RNS
The company news service from the London Stock Exchange
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