Interim Results
Amino Technologies PLC
27 July 2004
AMINO TECHNOLOGIES PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004
Amino Technologies plc ('Amino'; stock code : AMO), the Cambridge based
broadband network software and systems company, presents its unaudited
consolidated results for the six-month period ended 30 June 2004.
Key points:
• These are Amino's maiden results since floating on AIM on 9 June 2004.
• Results reflect the early stages of commercialising Amino's technology
for enabling the provision of digital TV and video services ('IPTV') across
broadband telecoms networks.
• Turnover jumped to £7.42m from £0.15m in the first half last year and
£0.89m in the second half of 2003.
• Profit before tax and exceptional items was £0.84m (H1 2003: loss of
£1.57m; full year 2003: loss of £3.39m).
• Profit before tax was £0.51m and basic earnings per share were 2.4p.
• Net new funds raised at the time of its IPO were £6.31m and cash and
short-term investments were £9.14m at 30 June 2004.
• Shipments of AmiNET units were 91,765 (H1 2003: 859).
• Sharp increases in companies evaluating Amino products in 50 countries
in Europe, USA and the Far East.
On outlook, Grant Masom, Chairman stated:
'Amino has secured a significant early leadership position in the infant IPTV
market. We are confident that the number of systems where we have been 'designed
in', the strength of our partner relationships, and our technology and price
leadership underpin our prospects as the market continues to evolve and expand.
'The results for the first half of the year match our expectations and we look
forward with confidence to the second half of the current year and beyond.'
About Amino
Amino (www.aminocom.com) is a designer and supplier of electronic systems and
consultancy, specialising in products for digital broadcast and on-demand TV,
IPTV (telco triple-play applications) and in-home multimedia distribution.
Its range of small, low cost, high functionality set-top boxes and gateway
products is designed for consumer applications in telecom, satellite and digital
terrestrial broadcast markets, as well as on-demand systems for hotels and
hospitality markets, healthcare, retail and education. Amino also provides
systems consultancy and partners with world-leading companies in content
aggregation, middleware, conditional access and head-end systems.
Contacts
Amino Technologies: 01954-234100
Grant Masom, Chairman www.aminocom.com
Bob Giddy, Chief Executive
Stuart Darling, Finance Director
Bankside: 020-7444-4140
Steve Liebmann or Susan Scott
CHAIRMAN'S STATEMENT
Introduction
On 9 June 2004, Amino became a public company via a flotation on the AIM market.
This step was to provide increased credibility and balance sheet strength to
enable us to engage with large blue-chip clients. We are satisfied that this
objective has been achieved successfully.
Results and finance
The results for the half year to 30 June 2004 reflect the early stages of
commercialising of Amino's technology with the start of volume shipments to
customers.
Turnover for the period was £7.42 million; this compares with £0.15 million in
the first half of last year and £0.89 million in the second half of 2003. Profit
before tax and exceptional items was £0.84 million (first half 2003: loss of
£1.57 million; year to 31 December 2003: loss of £3.39million). Exceptional
costs of £0.33 million relate to the costs of Admission to AIM; a further £0.36
million of costs, also relating to Admission, were charged against the share
premium account. The profit before tax was £0.51 million and basic earnings per
share were 2.4p.
Net new funds raised at the time of Admission were £6.31 million and total cash
and short-term investments were £9.14 million as at 30 June 2004.
Operations
Six months ago, the market for the provision of digital TV and video services
across broadband telecommunications networks ('IPTV') was seen as being poised
for growth. Pioneers had taken the first steps, with a handful of visible
deployments in key regions. Major equipment vendors had developed the various
elements required to build robust end-to-end IPTV systems in an open standard
environment, and the technical obstacles had been largely overcome. The
compelling commercial argument in favour of telcos offsetting falling voice and
data revenues with new revenue from IPTV services was being recognised by many
operators.
Since then, the market has started to evolve at great speed. Early adopters are
now rolling out systems in America and the Far East. Deployments are emerging in
parts of Europe. In the more developed markets, larger telcos are announcing the
upgrades to their networks required to support IPTV services. Although end-user
shipments are still relatively low compared with established consumer markets,
major consumer electronics companies are showing significant interest in
providing IPTV solutions.
Amino has played a key part in the rapid emergence of this market. When
announcing our first AmiNET products in September 2002, we recognised that, once
technical obstacles had been overcome, the take-up of IPTV would be determined
by how quickly the industry could deliver solutions to the customer at
competitive cost. The equipment needed at the end customer's site (e.g. a
set-top box, or embedded software or hardware), is a large part of this cost,
and Amino has been an aggressive market leader in driving this cost down to the
levels needed. Our success is evidenced by our extensive range of partners,
comprising many of the best-known names in the telecommunications and television
equipment marketplace, who have introduced Amino into a wide range of trial and
active rollout opportunities. We are grateful for their support.
Amino is a UK company and many of our shareholders are based in the UK.
Therefore it is tempting to view Amino's prospects from the perspective of the
UK market. Like a number of other long-established telecommunications markets,
the publicly available broadband infrastructure in the UK is currently not
capable of supporting the full range of IPTV services possible in other regions
However, IPTV can be delivered across private high-speed broadband networks and
we are currently actively rolling out a nationwide IPTV deployment within a
major UK hotel chain. This involves not only the supply of set top boxes, but
also the complete system solution. Early indications of customer acceptance are
encouraging.
Amino's recent revenue growth has been significant. However, we measure the
progress that we are making by tracking key metrics across the whole sales cycle
- from initial evaluation, through field trials, and on into volume rollout.
Once 'designed in' and part of a field trial, the complexities of an IPTV
solution mean that there are very significant barriers to entry for any
competitor, and the future revenue streams for Amino from that opportunity are
primarily a direct result of the telco's commercial success with the new
service. Currently, we see the sales cycle as being typically 9 to 12 months
from initial evaluation to first volume orders.
Compared with the period to 30 June 2003, the current numbers of evaluations,
trials and active rollouts are:
• 91,765 AmiNET units shipped in the period, up from 859;
• Customers evaluating Amino products increased from 147 to 366; of these
- 30 customers are now deploying AmiNET set-top boxes ('STBs') in field
trials (orders of 100 to 1,000 units);
- A further 20 customers are now deploying AmiNET STBs in volume
roll-out (total orders of 1,000 units or more).
• Customers in 50 countries across Europe, USA and the Far East.
We believe this growing pipeline gives a strong platform for Amino's future
prospects, particularly since most rollouts are still in their early stages.
Outlook
Amino has secured a significant early leadership position in the infant IPTV
market. We are confident that the number of systems where we have been 'designed
in', the strength of our partner relationships, and our technology and price
leadership underpin our prospects as the market continues to evolve and expand.
However, we recognise that the leaders in the early phases of a market are not
always able to translate that leadership into the large volume phases. We
therefore offer our customers:
• Flexible business models;
• Direct product supply;
• Own-label manufacturing; and
• A range of licensing options.
We believe that this flexibility will enable us to translate our early
leadership into a significant role in the emerging mass market. We also continue
to invest heavily in our underlying technology, with half of our personnel being
focused on research and development.
The results for the first half of the year match our expectations and we look
forward with confidence to the second half of the current year and beyond.
Grant Masom 26 July 2004
Chairman
Consolidated profit and loss account
For the six months ended 30 June 2004
Notes Six months Six months Year
ended ended ended
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Turnover 5 7,419,765 145,903 1,036,598
Cost of sales (4,234,048) (144,559) (739,911)
__________ __________ __________
Gross profit 3,185,717 1,344 296,687
---------------------------- ------ --------- --------- ---------
Selling, general and administrative
(non-exceptional expenses) (1,802,776) (1,116,212) (2,498,774)
Selling, general and administrative
(exceptional expenses) 6 (325,742) - (1,043,400)
---------------------------- ------ --------- --------- ---------
Selling, general and administrative
expenses (2,128,518) (1,116,212) (3,542,174)
Research and development expenses (674,459) (584,774) (1,259,828)
Other operating income 94,873 102,281 45,535
__________ __________ __________
Group operating profit/(loss) 477,613 (1,597,361) (4,459,780)
Interest receivable and similar
income 65,004 25,179 45,501
Interest payable and similar charges (28,149) - (15,490)
__________ __________ __________
Group profit/(loss) on ordinary
activities before taxation 514,468 (1,572,182) (4,429,769)
Tax on profit/(loss) on ordinary
activities 7 558,000 30,000 540,000
__________ __________ __________
Group profit/(loss) on ordinary
activities after taxation being
profit/(loss) for the financial
period 1,072,468 (1,542,182) (3,889,769)
============ ============ ============
Basic earnings/(loss) per 1p
ordinary share 8 2.4p (6.0)p (13.0)p
Diluted earnings/(loss) per 1p
ordinary share 8 2.3p (6.0)p (13.0)p
All amounts relate to continuing activities.
The Group has not recognised gains or losses in either the current year or the
preceding year other than the loss shown above and therefore a statement of
total recognised gains and losses has not been prepared.
The accompanying notes are an integral part of these interim financial
statements.
Consolidated balance sheet
as at 30 June 2004
Notes 30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Fixed assets
Intangible assets 60,812 5,483 32,617
Tangible assets 453,612 308,377 354,710
_________ _________ _________
514,424 313,860 387,327
_________ _________ _________
Current assets
Stocks 524,152 67,154 232,047
Debtors: amounts falling due
after one year 82,250 82,250 82,250
Debtors: amounts falling due
within one year 10 3,312,626 620,327 1,447,210
Trade debtors subject to
financing stated net of
non-returnable amounts received 10 1,038,571 - 190,004
Short-term investments 6,930,000 1,351,546 3,730,000
Cash at bank and in hand 2,214,004 132,936 1,214,926
_________ _________ _________
14,101,603 2,254,213 6,896,437
Creditors: Amounts falling due
within one year 11 (2,132,141) (436,621) (2,740,346)
_________ _________ _________
Net current assets 11,969,462 1,817,592 4,156,091
Total assets less current
liabilities 12,483,886 2,131,452 4,543,418
Creditors: Amounts falling due
after more than one year (124,139) (150,000) (141,188)
_________ _________ _________
Net assets 12,359,747 1,981,452 4,402,230
========== ========= =========
Capital and reserves
Called-up share capital 12 510,380 322,127 442,672
Share premium account 6,582,050 - -
Merger reserve 16,388,755 11,450,310 16,098,130
Profit and loss account (11,121,438) (9,790,985) (12,138,572)
_________ _________ _________
Equity shareholders' funds 13 12,359,747 1,981,452 4,402,230
========== =========== ===========
The interim financial statements on pages 4 to 12 were approved by the board of
directors on 26 July 2004,and were signed on it's behalf by;
Robert J Giddy Stuart Darling
Director Director
The accompanying notes are an integral part of these interim financial
statements.
Consolidated cash flow statement
For the six months ended 30 June 2004
Notes Six months Six months Year
ended ended ended
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Net cash outflow from operating
activities 14 (1,488,619) (1,696,877) (4,068,455)
Returns on investments and servicing
of finance
Interest received 65,004 25,179 45,501
Interest paid (28,149) - (15,490)
__________ __________ __________
Net cash inflow from returns on
investments 36,855 25,179 30,011
__________ __________ __________
Taxation - - 231,816
__________ __________ __________
Capital expenditure and financial
investment
Purchase of tangible fixed assets (165,786) (292,972) (378,640)
Purchase of intangible fixed assets (43,721) (6,367) (37,494)
Sale of tangible fixed assets - 14,922 2,415
__________ __________ __________
Net cash outflow for capital
expenditure and financial investment (209,507) (284,417) (413,719)
__________ __________ __________
Net cash outflow before use of
liquid resources and financing (1,661,271) (1,956,115) (4,220,347)
__________ __________ __________
Management of liquid resources
Increase in short-term deposits with
banks (3,200,000) (448,048) (2,826,502)
__________ __________ __________
Financing
Issue of ordinary share capital 6,999,999 2,276,856 7,310,098
Expenses of share issue deducted
from share premium (359,616) (133,377) (398,254)
Cash received from exercise of share
options 244,666 - -
(Decrease)/increase in other
borrowings (17,049) 187,500 176,270
(Decrease)/increase in bank
borrowings (1,007,667) 40,111 1,007,652
__________ __________ __________
Net cash inflow from financing 5,860,333 2,371,090 8,095,766
__________ __________ __________
Increase/(decrease) in net cash 999,062 (33,073) 1,048,917
========== ========== ==========
Reconciliation of net cash flow to
movement in net funds
Opening net funds 3,937,259 1,069,492 1,069,492
Increase/(decrease) in net cash 999,062 (33,073) 1,048,917
Increase in deposits 3,200,000 448,048 2,826,502
Decrease/(increase) in borrowings 1,007,667 (40,111) (1,007,652)
__________ __________ __________
Closing net funds 9,143,988 1,444,356 3,937,259
========== ========== ==========
Notes to the interim financial statements
Six months ended 30 June 2004
1 Group structure
The Group comprises the following companies:
Amino Technologies plc, a public limited company formed on 24 March 2004 to act
as the new holding company for the Amino group. Under a share-for-share
reorganisation effected in May 2004, the Company acquired the entire issued
share capital of Amino Holdings Limited.
Amino Holdings Limited, formed in 1996, and formerly the holding company of the
Group. It is now an intermediate holding company, which owns the entire issued
share capital of Amino Communications Limited and Amino Communications, L.L.C.
Amino Communications Limited, formed in 1998, and the principal trading company
of the Group.
Amino Communications, L.L.C., a US limited liability company established on 1
March 2004 to facilitate sales and customer support in the US market.
2 Accounting reference date
The Group has changed its year-end from 31 December to 30 November in order to
overcome the logistical challenges presented by the year-end holiday period.
These interim results for the six months ending 30 June 2004 represent the first
reported results following Amino's admission to the Alternative Investment
Market on 9 June 2004. Amino's next set of results will be for the eleven months
to 30 November 2004. Thereafter, it will report results made up to 31 May and 30
November each year.
3 Basis of preparation
The consolidated financial statements of Amino Technologies plc have been
presented under merger accounting rules. This means that the financial
statements of Amino Technologies plc and those of its wholly owned subsidiary,
Amino Holdings Limited have been aggregated and presented as if the two
companies have always been together. Accordingly, although Amino Technologies
plc acquired the entire share capital of Amino Holdings Limited on 28 May 2004
in exchange for new ordinary shares of 1p each in the share capital of Amino
Technologies plc, the results of both companies are reflected in the group
financial statements for the period to 30 June 2004 and the corresponding
amounts are presented on the same basis.
The figures for the six-month periods ended 30 June 2004 and 30 June 2003 have
not been audited. The figures for the year ended 31 December 2003 have been
extracted but do no constitute the consolidated financial statements of Amino
Holdings Limited for that year. Those financial statements have been delivered
to the Registrar of Companies and included an auditors' report, which was
unqualified and did not contain a statement under Section 237 Companies Act 1985
4 Accounting policies
These interim financial statements for the six months ended 30 June 2004, which
have been prepared in accordance with the accounting policies set out in the
consolidated financial statements of Amino Holdings Limited for the year ended
31 December 2003, do not constitute statutory accounts for the purpose of
section 240 of the Companies Act 1985.
5 Turnover
Turnover is wholly attributable to the Group's principal activities of
developing enabling technologies and providing price competitive, flexible and
rapidly deployable designs to manufacturers and vendors of set top boxes, home
gateways and other communications devices. The analysis of turnover by
destination is set out below.
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
United Kingdom and Europe 2,587,298 96,683 385,548
North America 3,555,276 45,385 412,747
Asia Pacific and Africa 1,277,191 3,835 238,303
_________ _________ _________
7,419,765 145,903 1,036,598
========= ========= =========
6 Exceptional expenses
Included in selling, general and administrative expenses is an amount of
£325,742 (year ended 31 December 2003: £1,043,400) in respect of exceptional
costs incurred by Amino Technologies plc. These exceptional costs primarily
relate to legal and professional fees incurred as a result of the admission of
Amino Technologies plc to the Alternative Investment Market on 9 June 2004. A
further £359,616 of exceptional costs relating to the admission were charged
against the share premium account (see note 12)
Exceptional costs incurred of £1,043,400 in the year ended 31 December 2003 are
in respect of exceptional accrued bonuses for directors, for preparing the
company for a successful floatation.
7 Tax on profit/(loss) on ordinary activities
The Group had recognised deferred tax assets as follows:
Six Six Year
months months
ended ended ended
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Amount recognised 558,000 30,000 540,000
======== ========== ==========
The directors have recognised a deferred tax asset in respect of taxable losses
based on their expectation of the Group generating taxable profits in the period
ahead.
8 Earnings/(loss) per share
Six months Six months Year
ended ended ended
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Earnings/(loss) attributable to
shareholders 1,072,468 (1,542,182) (3,889,769)
========= ========= =========
Weighted average number of shares
(Basic) 45,475,417 25,685,858 29,975,156
========== ========== ==========
Weighted average number of shares
(Diluted) 45,698,282
==========
The calculation of basic earnings/(loss) per share is based on profit/(loss)
after taxation and the weighted average of ordinary shares of 1p each in issue
during the period.
For diluted 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 only one category of dilutive potential ordinary share
options: those share options where the exercise price is less than the average
market price of the company's ordinary shares during the period. There is no
dilutive effect in respect of previous years since the Group made a loss in the
year ended 31 December 2003.
9 Dividends
The directors have not declared an interim dividend and do not intend to pay a
dividend in respect of the current financial period ending on 30 November 2004,
Thereafter, they expect to operate a progressive dividend policy, profitability
permitting, commencing with an interim dividend in respect of the year ending 30
November 2005.
10 Debtors
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Amounts falling due within one year:
Trade debtors (not subject to 1,509,440 115,056 214,383
financing)
Corporation tax - 261,816 -
VAT 85,366 48,652 47,664
Deferred tax 1,098,000 - 540,000
Other debtors 36,345 6,827 3,317
Prepayments and accrued income 583,475 187,976 641,846
_________ _________ _________
3,312,626 620,327 1,447,210
========= ========= =========
Amounts falling due within one year:
Trade debtors subject to financing 1,038,571 - 495,536
Less: Non-returnable amounts received - - (305,532)
_________ _________ _________
1,038,571 - 190,004
========= ========= =========
11 Creditors: Amounts falling due within one year
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Bank loans and overdrafts - 40,126 702,135
Other loans 35,082 37,500 35,082
Deposits received from customers - - 386,263
Trade creditors 492,821 210,099 314,599
Taxation and social security 924,982 124,744 67,806
Other creditors - 3,459 -
Accruals and deferred income 679,256 20,693 1,234,461
_________ _________ _________
2,132,141 436,621 2,740,346
========= ========= =========
Bank loans and overdrafts are secured by a fixed and floating charge over the
assets of Amino Communications Limited.
12 Called-up share capital
Ordinary shares of 1p each 30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Authorised
Nominal value 1,000,000 375,000 460,000
=========== ========== ==========
Number 100,000,000 37,500.000 46,000,000
=========== ========== ==========
Allotted, called-up and fully-paid
Nominal value 510,380 322,127 4442,672
=========== ========== ==========
Number 51,038,052 32,212,700 44,267,219
=========== ========== ==========
Share issues
On 9 June 2004, the Company allotted 5,833,333 ordinary shares of 1p each at
120p per share for cash consideration of £6,999,999 and was admitted to the
Alternative Investment Market in order to provide increased credibility and
balance sheet strength. The net proceeds of the private placement amounted to
£6,640,383 after costs of £359,616(see note 6)
On 1 April 2004, Amino Holdings Limited subscribed for 99,998 ordinary shares of
£1 each at £100 per share in Amino Communications Limited, consideration for
which was satisfied by way of the partial repayment of an existing loan from
Amino Holdings Limited to Amino Communications Limited. On 5 May 2004, Amino
Communications Limited cancelled £9,899,802 of the share premium created from
the above subscription, reducing the accumulated deficit on its profit and loss
account and bringing forward the time when it may be in a position to pay
dividends to Amino Holdings Limited. However, since this capital reduction was a
series of intra-group transactions which eliminate on consolidation, this gives
rise to a Group profit and loss reserve deficit of £11,121,438.
Share options
The Company operates share options schemes for employees and certain former
employees of group companies. Substantially all options granted under these
schemes will be satisfied out of ordinary shares of 1p each issued to an
Employee Benefit Trust set up in February 2003.
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Shares held by the Employee Benefit 4,064,030 4,562,500 5,500,000
Trust
========= ========== ==========
Subsisting Options
Options granted to current and former
employees and non-executive directors 4,518,715 2,408,755 4,302,441
Other options granted 198,812 118,812 178,812
_________ _________ _________
4,717,527 2,527,567 4,481,253
========= ========== ==========
13 Reconciliation of movements in shareholders' funds
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Opening shareholders' funds 4,402,230 1,494,998 1,494,998
Profit/(loss) for the period 1,072,468 (1,542,182) (3,889,769)
Issue of ordinary share capital -
capital 67,708 - 120,545
Issue of ordinary share capital -
share premium 6,941,666 - -
Issue of ordinary share capital to
Employee Benefit Trust (300,000) (1,277,500) (1,277,500)
Expenses of share issue (359,616)
Reversal of share compensation charge - 12,098 12,098
Exercise of employee share options 244,666 - -
Movement on merger reserve 290,625 3,294,038 7,941,858
__________ _________ _________
12,359,747 1,981,452 4,402,230
========== ========= =========
14 Reconciliation of operating loss to net cash outflow from operating
activities
30 June 30 June 31
December
2004 2003 2003
Unaudited Unaudited Audited
£ £ £
Operating profit/(loss) 477,613 (1,597,361) (4,459,780)
Share compensation charge - 12,098 12,098
Depreciation and amortisation charge
(including loss on disposals) 82,410 39,012 94,850
Increase in stocks (292,105) (8,981) (173,874)
Increase in debtors (1,850,451) (53,186) (1,097,421)
Increase/(decrease) in creditors 93,914 (88,459) 1,555,672
_________ _________ _________
Net cash outflow from continuing
operating activities (1,488,619) (1,696,877) (4,068,455)
=========== =========== ===========
15 Interim Report
The Interim Report will be posted to shareholders shortly and copies will be
available from Amino Technologies plc's Registered Office, Prospect House,
Buckingway Business Park, Anderson Road, Swavesey, Cambridge CB4 5UQ.
INDEPENDENT REVIEW REPORT TO AMINO TECHNOLOGIES PLC
Introduction
We have been instructed by the company to review the financial information which
comprises the profit and loss account, summarised balance sheet, summarised cash
flow statement and the related notes. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report and the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on the financial information. This report, including the
conclusion, has been prepared for and only for the company and for no other
purpose. We do not, in producing this report, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent in
writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
PricewaterhouseCoopers LLP
Chartered Accountants
Cambridge
26 July 2004
Notes:
(a) The maintenance and integrity of the Amino Technology plc
website is the responsibility of the directors; the work carried out by the
auditors does not involve consideration of these matters and, accordingly, the
auditors accept no responsibility for any changes that may have occurred to the
interim report since it was initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation
and dissemination of financial information may differ from legislation in other
jurisdictions.
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