Amino Technologies beats full-year expectations

Provider of digital TV entertainment and cloud solutions, Amino Technologies, announced its audited consolidated results for the year ended 30 November on Thursday, with underlying organic revenue growth of 7%, which was 2% ahead of management's initial expectations of 5%.

The AIM-traded company’s gross margin decreased to 42.9% as a result of new product launches and larger volume customers, offset by the positive impact of additional software and services sold during the year

Adjusted profit before tax was up 96% to £10.2m, and statutory profit before tax was up 867% to £2.9m.

The board reported adjusted cash generated from operations of £15.8m representing 117% of adjusted EBITDA, up from 92% in 2015, while statutory cash generated from operations was £12.6m, representing 149% of EBITDA, up from 123%.

Net cash stood at £6.2m at 30 November, after paying record dividends of £4.0m.

The board recommended an increase in full year dividend to 6.05p per share, up by 10% year on year in line with the company's stated progressive dividend policy.

That would be the fifth consecutive year the dividend has been increased since 2011.

“This has been a very good year for Amino,” said non-executive chairman Keith Todd.

“As a result of our increased focus on sales execution, a broader product portfolio and the rapid integration of the two businesses acquired in 2015, all financial metrics are ahead of the expectations set at the beginning of the year.

“We now look forward to continuing the positive momentum generated in 2016 and to continue building the group for further long-term sustainable profitable growth.”