Amino sees big improvement in results this year; shipments up 90%
Cambridge-based broadband network software and systems group Amino Technologies (AMO.L) said today it expected significantly improved results for the six months to the end of May this year.
Chairman Grant Masom (pictured) told shareholders at the annual general meeting that Amino "has continued to achieve strong growth" in the first few months of 2006.
Amino designs and supplies electronic systems - including its AmiNET set-top box -, software and consultancy for IPTV, on-demand video and in-home multimedia distribution.
"Unit shipments are expected to be some 90% higher than in the comparable period last year with revenue growth of approximately 70%, reflecting an altered mix of products and customers," Mr Masom said. "The results for the first half year are expected show a significant improvement over H1 2005."
Working capital cut
He said he expects a reduction in working capital this year will see more cash in the bank at the end of May compared to 30 November 2005. The group reported in January that higher costs had hit profits in the 2005 financial year.
"Amino is making substantive progress on certain Tier 1 telco opportunities for licensing Amino's IntAct software technologies and for the supply of set top boxes, although the timing of such agreements is difficult to predict," he said.
'The Board is … confident that substantial progress will be achieved for the full year to 30 November 2006 with, again, a heavy bias in profitability towards the second half year," he said.
The news spurred the share price to a day's high of 140p, up 3%, before profit takers moved in and the share price settled back to around 123p at midday, almost 10% below Wednesday's closing. The company is valued around £71m.
27th April 2006
