Period-end Trading Update

RNS Number : 6513D

Amino Technologies PLC

07 December 2009

 



7 December 2009

Amino Technologies plc

Period-end Trading Update

Amino Technologies plc ("Amino" or the "Company"; stock code: AMO), the Cambridge-based leader in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, provides the following update for the year ended 30 November 2009.

As advised in the pre-close trading update announced on 3 November 2009, a combination of order slippage and component shortages has led to the Company incurring a material operating loss in H2 and for the year, in addition to exceptional costs arising from reducing the operating cost base.

Despite the disappointing  impact of these issues on our financial performance in FY2009, order intake in the second half of the year was strong, at approximately 280k units (H2 FY2008: 239k units, H1 FY2009: 167k units), representing c. £20 million of revenue. Of this, 115k units (FY2008: 4k units) are due for delivery in FY2010. 71% of the units and 79% of the revenue booked in H2 related to our higher specification MPEG-4 and HD product lines.

Important competitive wins in Europe and positive sales traction in North America, as previously announced, indicate that the macro-economic climate is improving.  The Company remains on track to reduce its FY 2010 operating cost base to £11.0m per annum.    Combined with the improved order intake and strong order backlog, the foundations for a better performance in FY 2010 are in place. 

The Company also retains a strong balance sheet with net cash balances of £9.0m at 30 November 2009.  

The Company will announce results for the twelve months ended 30 November 2009 in early February 2010.

Commenting on the announcement, Keith Todd, Amino Non-Executive Chairman said:

"2009 has been a disappointing financial year. However, we are encouraged by recent momentum in North America and Europe and the successful transition we continue to make away from the MPEG-2 to the MPEG-4 market. Combined with our reduced cost base, these factors provide a solid foundation for a better performance in FY 2010."

Amino Technologies:	[phone]
Keith Todd, Non Executive Chairman	www.aminocom.com
Andrew Burke, Chief Executive Officer
Stuart Darling, Chief Financial Officer
Financial Dynamics:	[phone]
James Melville-Ross / Matt Dixon / Nicola Biles
KBC Peel Hunt Ltd:	[phone]
Jonathan Marren / Matthew Tyler

Ends

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