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Amino Technologies profit nosedives in H1 on higher costs, order delays

By BFN News | 09:26 AM | Tuesday 11 August, 2020


Media and entertainment technology company Amino Technologies reported a slump in first-half profit on higher investment costs and delays to some customer orders owing to Covid-19 lockdown conditions. For the six months ended 31 May 2020, pre-tax profit fell 79% to $0.45m on-year, while rose 10% to $38m. Profit was hurt by ongoing investment into 24i next generation platform and delays to some customer orders due to Covid-19 lockdown conditions, the company said. 'In line with the statement made on 30 March 2020, due to the continuing uncertainty of the impact of Covid-19, the board does not recommend payment of an interim dividend,' the company said. Looking ahead, the company said the visibility of orders and sales pipeline supported management's 2020 revenue expectations. The company did warn, however, it was possible that 'new business wins in H2 2020 may be impacted by any further negative Covid-19 impacts on the global economy and potential knock on impact for our customers and our supply chain.' At 9:26am: (LON:AMO) Amino Technologies PLC share price was -7p at 125.5p Story provided by StockMarketWire.com

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