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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amino Technologies Plc | LSE:AMO | London | Ordinary Share | GB00B013SN63 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 165.50 | 163.00 | 168.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMAMO
RNS Number : 6533K
Amino Technologies PLC
11 July 2017
11 July 2017
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHSED 31 MAY 2017
Strong trading in the first half of the year
Amino Technologies plc (LSE AIM: AMO), the global provider of digital TV entertainment and cloud solutions to network operators, announces unaudited consolidated results for the six months ended 31 May 2017.
Financial highlights:
Hot Features
Premium
Adjusted Unadjusted
H1 H1 Change H1 H1 Change
2017 2016 2017 2016
GBPm GBPm GBPm GBPm
------- ------- ------- ------- ------- -------
Revenue 39.9 33.0 21% 39.9 33.0 21%
Gross profit 17.8 14.4 24% 17.8 14.4 24%
Gross profit margin 44.5% 43.6% 44.5% 43.6%
EBITDA (1) 8.8 5.2 70% 7.8 1.5 520%
Operating profit
(2) 6.9 4.2 64% 4.8 (0.5) n/a
Profit/(loss)
before tax (2) 6.9 4.2 64% 4.8 (0.5) n/a
Basic earnings/(loss)
per share (2) 9.2p 5.7p 61% 6.5p (0.8)p n/a
Cash generated
from operations
(3) 13.0 6.4 102% 13.0 5.4 129%
Net cash 13.1 3.1 423% 13.1 3.1 423%
Dividend per share 1.530p 1.391p 10% 1.530p 1.391p 10%
-- Revenue growth of 21% to GBP40m, in line with management's expectations
-- Underlying revenue growth of 4% in constant currency, in line with management's expectations
-- Gross margin increased to 44.5% from 43.6%, as a result of a higher proportion of mature products sold in the period
-- Adjusted profit before tax up 64% to GBP6.9m -- Adjusted basic EPS up 61% to 9.2p
-- Adjusted cash generated from operations up 102% to GBP13m, representing 148% of adjusted EBITDA
-- Net cash of GBP13.1m at 31 May 2017, up GBP6.9m since 30 November 2016, after paying final dividend of GBP3.3m
-- Increase in interim dividend to 1.530p per share, up by 10% year on year in line with the Company's stated progressive dividend policy, and representing the sixth consecutive year the interim dividend has been increased
(1) Adjusted EBITDA is a non-GAAP measure and is defined as earnings before interest, taxation, depreciation, amortisation, exceptional items and share-based payment charges. Further details of these adjustments are set out in note 5.
(2) Adjusted operating profit, adjusted profit before tax and adjusted earnings per share are non-GAAP measures and exclude amortisation of acquired intangibles, exceptional items and share-based payment charges. Further details of these adjustments are set out in note 5.
(3) Adjusted cash generated from operations is a non-GAAP measure and excludes cash from exceptional items as set out in note 6.
Operational highlights:
-- Strong first half performance as anticipated, executing on entry order book
-- Continued sales growth in North and Latin America with growing traction in the transition from cable to IP
-- Launch of Enable(TM) "virtual set-top box" software to address operator demand to transform legacy devices to new user experiences which was also deployed with Chilean operator GTD
-- Deployment of first "end-to-end" entertainment delivery solution for European operator -- Broadened device portfolio with launch of new compact Android TV device
Commenting on today's results, Keith Todd CBE, Non-Executive Chairman said:
"We are delighted to deliver a strong first half performance which has been achieved by effective execution on our order book. Revenue and adjusted profit before tax are in line with our expectations and the closing cash position is ahead of expectations. Our sales pipeline is robust and we are therefore confident that we will deliver full year profits in line with market expectations."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Amino Technologies plc +44 (0)1954 234100 Donald McGarva, Chief Executive Officer Mark Carlisle, Chief Financial Officer finnCap Limited (NOMAD and Joint Broker) +44 (0)20 7220 0500 Matt Goode / Carl Holmes / Simon Hicks - (Corporate Finance) Simon Johnson / Tim Redfern - (Corporate Broking) Canaccord Genuity Limited (Joint Broker and Financial Advisor) +44 (0)20 7523 8000 Simon Bridges / James Craven / Emma Gabriel FTI Consulting LLP (Financial PR) +44 (0)20 3727 1000 Chris Lane / Alex Le May / Darius Alexander
About Amino Technologies plc
Amino Technologies plc is a global leader in innovative IP/Cloud video software and device solutions that enable service providers to transform the consumer experience. As pioneers of IPTV and with over seven million devices sold worldwide, Amino has a proven track record for rock-solid reliability, innovation and best-in-class customer care. Over 1,000 of the world's leading service providers, across 100 countries have relied on Amino to provide a seamless delivery of rich entertainment experiences. We pride ourselves in providing award-winning solutions that enable the delivery of innovative services to enrich the lives of connected consumers. Amino Technologies plc is headquartered near Cambridge, in the UK, and is listed on the AIM market of the London Stock Exchange (AIM: symbol AMO). www.aminocom.com
Chief Executive Officer's review:
The Group entered the period with a solid order book and consequently delivered strong first half growth as expected. Revenue was GBP39.9m (H1 2016: GBP33.0m) representing 21% growth year on year. At constant currency, with revenue translated at last year's average exchange rates, this represents revenue growth of 4%. Gross margins have remained strong despite lower software and services revenues. During the period the Group sold a high proportion of high margin mature products and mitigated component price increases through an active cost reduction programme and our close working relationships with all elements of the supply chain.
The Group delivered adjusted profit before tax of GBP6.9m (H1 2016: GBP4.2m), representing 64% growth year on year and an improvement in operating margin to 17.3% from 12.7%. This improvement was a result of both the 24% increase in gross profit and strong operating cost control following the GBP2 million annualised cost reductions (at constant currency) delivered last summer.
The Group continues to generate significant cashflow with adjusted cash generated from operations up 102% to GBP13.0m (H1 2016: GBP6.4m). This resulted in net cash at 31 May 2017 of GBP13.1m (FY 2016: GBP6.2m, H1 2016: GBP3.1m). The period end net cash position was positively impacted by the timing of delivery of larger orders which were completed well in advance of the period end.
There has been encouraging traction across the Group's portfolio which is now positioned to provide customers with a broad range of solutions, based on our core Enable software capabilities.
Sales of IP devices were strong, particularly in North and Latin America which reported overall revenue growth of 38% and 196% respectively. In North America, sales through our distribution partners - typically to small to medium-sized operators - showed good momentum. A major customer also placed follow-on orders for devices after the deployment of our Enable virtual set-top box software platform, underlining the value of our software proposition in securing additional revenue from hardware sales. In addition, there are an increasing number of opportunities arising from the migration of old style cable TV networks to IP-based service delivery, often over new fibre infrastructure. This is a market where Amino has a highly relevant product offering and capabilities. Post-period-end we secured orders from a new customer, US regional operator Muscatine Power and Water, as a direct result of this migration.
The Latin America market continues to develop, with both established operators and new entrants deploying significant volumes of devices. Regulatory change in the region is also presenting new opportunities for Amino to build on its existing foothold. Revenue growth in the period was driven by a mix of new customer wins and continued demand from established operators for IP devices and the Enable software platform.
European sales were 48% lower, as expected, principally due to the change of ownership of a key customer impacting the timing of orders which we expect to recover over the medium term. However, during the period we progressed well with the implementation of our first full end-to-end multiscreen entertainment service to Delta, the Netherlands-based operator. This comprises both the MOVE cloud TV platform delivering TV to mobile devices, as well as TV services delivered to the home via a 4K UHD compatible Amino IPTV device.
Beyond this, we see new opportunities in an increasingly disrupted global market where traditional operator business models face continued pressure from OTT subscription video on demand (SVOD) providers, such as Netflix and Amazon.
As a result, Amino's customer offering has broadened in line with the industry-wide shift to IP and cloud-based TV service delivery. We have continued to innovate our core capabilities being our Move cloud TV platform, Enable software and View devices. Our portfolio has been enhanced during the period by the addition of a new compact 4K UHD Android TV device to meet the needs of the growing number of operators who are planning to deploy Android to support their TV offering.
We have also positioned our core Enable software platform as a "virtual set-top box" to provide operators with a cost-effective means of delivering new and unified TV experiences across legacy devices already installed in customers' homes. During the period, the Chilean operator GTD deployed this solution across its customer base - further underlining the progress we are making with this important offering.
The continued industry shift towards IP based delivery of TV has meant that we are seeing growing traction for our newer offerings, as consumers demand higher performance devices and operators deal with their legacy deployments. In particular, the pipeline of qualified software opportunities arising from planed upgrades to legacy devices in 2018 is significant.
Outlook
Having delivered a strong performance in the first half, we expect to continue our progress in the remainder of the year and beyond. Our sales pipeline is robust and we are confident that we will deliver full year profits in line with market expectations.
Donald McGarva
Chief Executive Officer
10 July 2017
Chief Financial Officer's review
Revenue for the period increased by 21% to GBP39.9m (H1 2016: GBP33.0m) as a result of organic growth and the impact of foreign exchange. Adjusted operating profit was GBP6.9m (H1 2016: GBP4.2m). Operating profit was GBP4.8m (H1 2016: GBP(0.5)m loss). In line with its progressive dividend policy, the Board has recommended an interim dividend of 1.530 pence per share, a 10% increase over the prior year. The Group has a strong balance sheet with net cash at 31 May 2017 of GBP13.1m (FY 2016: GBP6.2m, H1 2016: GBP3.1m) and is debt free.
Revenue
Set out below is revenue by type on an 'as reported' and 'constant currency' basis (with H1 2017 revenue translated using H1 2016 average exchange rates). In H1 2017 and 2016 approximately 95% of the Group's revenue and cost of sales were transacted in US Dollars. Excluding the impact of foreign exchange, underlying organic revenue growth was 4%.
As reported Constant
currency
H1 H1 Growth H1 H1 Growth
2017 2016 2017 2016
GBPm GBPm GBPm GBPm
------ ------ ------ ------
Software
and services 3.0 4.3 (31%) 2.5 4.3 (41%)
Devices 36.9 28.7 29% 31.8 28.7 11%
------ ------ ------ ------
Revenue 39.9 33.0 21% 34.3 33.0 4%
Software and service revenues represent revenues from our Enable virtual set-top box and Engage service assurance software, Move cloud TV platform as well as support for our View IPTV devices. Software and service revenues in H1 2016 included GBP2.0m of one-off revenue from Enable software contracts that did not repeat in H1 2017, as expected. Excluding these non-recurring contracts, recurring software and service revenues of GBP3.0m grew by 30% (H1 2016: GBP2.3m).
The Group's revenues are globally distributed as follows:
As reported
H1 H1 Growth
2017 2016
GBPm GBPm
------ ------
North America 24.9 18.0 38%
Latin America 8.3 2.8 196%
Europe 6.1 11.8 (48%)
Rest of World 0.6 0.4 67%
------ ------
Revenue 39.9 33.0 21%
Year on year revenue growth has been achieved in all regions except for Europe. In Europe, the year on year decrease primarily resulted from the change of ownership of a key customer impacting the timing of orders which we expect to recover over the medium term.
Gross profit
Gross profit for the period increased by 24% to GBP17.8m (H1 2016: GBP14.4m). Gross margin increased to 44.5% (H1 2016: 43.6%) despite lower software sales. The gross margin achieved during the period was largely driven by a greater mix of higher margin, mature products in addition to our continued focus on cost control. As announced at the time of the Group's trading update on 6 June 2017, gross margins in the second half are expected to be lower as a result of the shift in product mix towards newer product lines and industry wide pricing pressures for certain components in line with the current industry cycle. As is typical with the launch of newer products, these will command lower gross margins at first, improving over time as products are optimised. On a full year basis, we now expect gross margins overall to be higher than previously expected at circa 42%. Looking further ahead, we expect margins to also benefit from the execution of our pipeline of software opportunities.
Operating expenses
As reported
H1 H1 Growth
2017 2016
GBPm GBPm
------ ------
R&D 2.9 3.2 (8)%
SG&A 6.1 6.0 -%
Share-based payment
charge 0.4 0.1 420%
Exceptional items 0.6 3.5 (83)%
Depreciation and
amortisation 3.0 2.1 43%
------ ------
Operating expenses 13.0 14.9 (13)%
In H1 2017 the Group's R&D and SG&A costs were denominated 51% in US and HK Dollars, 40% in British Pounds and 9% in Euros. Costs as reported have therefore been negatively impacted by the year on year movement in exchange rates. Whilst operating expenses excluding exceptional items increased by 9% to GBP12.4m (H1 2016: GBP11.4m) this is notably less than the 21% revenue growth achieved in the period. This is primarily a result of the significant restructuring programme to realise synergies identified following the acquisition of Entone undertaken by the Group in May 2016, which resulted in GBP2.0m annualised cost reductions (at constant currency).
The Group continues to invest in research and the development of new products and spent GBP5.0m on R&D activities (H1 2016: GBP5.1m) of which GBP2.1m was capitalised (H1 2016: GBP1.9m). Share based payment charges totalled GBP0.4m (H1 2016: GBP0.1m).
Exceptional items
Exceptional items included within operating expenses in H1 2017 comprised GBP0.6m contingent post-acquisition remuneration in respect of the Entone acquisition. The final Entone retention plan payment is due in August 2017 and is expected to result in a maximum cash payment of US$1.5m (GBP1.2m).
Depreciation and amortisation
Excluding amortisation of intangibles recognised on acquisition, depreciation and amortisation was GBP1.9m (H1 2016: GBP1.0m). Amortisation of intangibles recognised on acquisition was GBP1.1m (H1 2016: GBP1.1m).
Operating profit
Adjusted operating profit excluding share-based payment charges of GBP0.4m, exceptional items of GBP0.6m and amortisation of intangibles recognised on acquisition of GBP1.1m was GBP6.9m (H1 2016: GBP4.2m). Statutory operating profit was GBP4.8m (H1 2016: GBP(0.5)m loss).
Taxation
The tax charge of GBP0.1m comprises a GBP0.3m current tax charge and GBP0.2m credit relating to the unwind of the deferred tax liability recognised in respect of the amortisation of intangible assets recognised on acquisition.
Profit after tax
Profit after tax was GBP4.7m (H1 2016: GBP(0.5)m loss).
Earnings per share
After adjusting for the after-tax impact of exceptional items, share-based payment charges and amortisation of intangibles recognised on acquisition, basic earnings per share increased by 61% to 9.21 pence (H1 2016: 5.7 pence) and diluted earnings per share increased by 62% to 8.98 pence (H1 2016: 5.55 pence). Basic earnings per share was 6.51 pence (H1 2016: (0.79) pence loss).
Cash flow
Adjusted cash flow from operations was GBP13.0m (H1 2016: GBP6.4m) and represented 148% of adjusted EBITDA (H1 2016: 123%). The final Entone deferred consideration payment of US$1.5m (GBP1.2m) is due to be paid in August 2017. Cash generated from operations was GBP13.0m (H1 2016: GBP5.4m).
During the period the Group spent GBP0.1m (H1 2016: GBPnil) on capital expenditure and capitalised GBP2.1m of research and development costs (H1 2016 GBP1.9m). The Group also paid GBP0.4m deferred consideration in respect of the Booxmedia acquisition and paid dividends of GBP3.3m.
Financial position
The net cash balance at 31 May 2017 was GBP13.1m (FY 2016: GBP6.2m, H1 2016: GBP3.1m). The Group also has a GBP15.0m multicurrency working capital loan facility which amortises to GBP12.5m in July 2018 and to GBP10m in July 2019. It expires in July 2020 and was undrawn at the period end.
At 31 May 2017 the Group had equity of GBP48.4m (FY 2016: GBP45.9m, H1 2016: GBP43.2m) and net current assets of GBP4.5m (FY 2016: GBP1.9m, H1 2016: GBP(0.8)m liabilities). 61% of trade receivables were insured (FY 2016: 39%, H1 2016: 34%) and debtor days were 25 days (FY 2016: 42 days, H1 2016: 46 days).
Dividend
The Board is pleased to confirm that it intends to recommend an interim dividend of 1.530p per share (H1 2016: 1.391p per share), representing a 10% year-on-year increase, in line with Amino's previously stated progressive dividend policy. This will be payable on 1st September 2017. The record date for the interim dividend is 11th August 2017 and the corresponding ex-dividend date is 10th August 2017.
Mark Carlisle
Chief Financial Officer
10 July 2017
Consolidated Income Statement
For the six months ended 31 May 2017
Six months Six months
ended ended Year ended
31 May 31 May 30 November
2017 2016 2016
Unaudited Unaudited Audited
Total Total Total
Notes GBP000s GBP000s GBP000s
Revenue 3 39,935 33,004 75,178
Cost of sales (22,156) (18,605) (42,890)
__________ __________ __________
Gross profit 17,779 14,399 32,288
Operating expenses (13,013) (14,944) (29,433)
_________ _________ _________
Operating profit/(loss) 4,766 (545) 2,855
Analysed as:
Adjusted operating
profit 6,923 4,212 10,226
Share based payment
charge (433) (83) (297)
Exceptional items 4 (599) (3,549) (4,825)
Amortisation of acquired
intangible assets (1,125) (1,125) (2,249)
__________ __________ __________
Operating profit 4,766 (545) 2,855
Finance expense (3) (4) (10)
Finance income - - 6
__________ __________ __________
Net finance income (3) (4) (4)
__________ __________ __________
Profit/(loss) before
tax 4,763 (549) 2,851
Corporation tax charge (108) 1 (170)
__________ __________ __________
Profit/(loss) for the period
from continuing operations
attributable to equity
holders 4,655 (548) 2,681
__________ __________ __________
Basic earnings per
1p ordinary share 5 6.51p (0.79)p 3.81p
Diluted earnings per
1p ordinary share 5 6.34p (0.76)p 3.77p
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Consolidated Statement of Comprehensive Income
For the six months ended 31 May 2017
Six months Six months
ended 31 ended Year ended
May 31 May 30 November
2017 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Profit/(loss) for the period 4,655 (548) 2,681
---------- ---------- ------------
Foreign exchange difference
arising on consolidation 46 (100) (327)
---------- ---------- ------------
Other comprehensive income/(expense) 46 (100) (327)
---------- ---------- ------------
Total comprehensive income/(loss)
for the period 4,701 (648) 2,354
---------- ---------- ------------
Consolidated Balance Sheet
As at 31 May 2016
As at As at As at
31 May 31 May 30 November
2017 2016 2016
Notes Unaudited Unaudited Audited
Assets GBP000s GBP000s GBP000s
Non-current assets
Property, plant and
equipment 652 452 757
Intangible assets 6 46,183 48,164 46,950
Deferred tax assets 560 560 560
Other receivables 310 216 384
---------- ---------- ------------
47,705 49,392 48,651
---------- ---------- ------------
Current assets
Inventories 5,512 2,621 5,569
Trade and other receivables 4,911 12,122 14,301
Cash and cash equivalents 13,114 4,052 6,218
---------- ---------- ------------
23,537 18,795 26,088
---------- ---------- ------------
Total assets 71,242 68,187 74,739
---------- ---------- ------------
Capital and reserves
attributable to equity
holders of the business
Called-up share capital 749 747 747
Share premium 20,854 20,510 20,510
Capital redemption
reserve 6 6 6
Foreign exchange reserves 537 718 491
Other reserves 16,389 16,389 16,389
Equity reserve - 1,826 -
Retained earnings 9,880 3,001 7,712
---------- ---------- ------------
Total equity 48,415 43,197 45,855
---------- ---------- ------------
Liabilities
Current liabilities
Trade and other payables 18,516 18,131 23,665
Corporation tax payable 536 458 524
Bank loans - 1,004 -
------ ------ ------
19,052 19,593 24,189
Non-current liabilities
Trade and other payables - 1,416 628
Provisions 2,167 1,922 2,233
Deferred tax liability 1,608 2,059 1,834
------ ------ ------
3,775 5,397 4,695
Total liabilities 22,827 24,990 28,884
------ ------ ------
Total equity and liabilities 71,242 68,187 74,739
------ ------ ------
The interim condensed consolidated financial statements on pages 8 to 16 were approved by the Board of directors on 10 July 2017 and were signed on its behalf by Donald McGarva, Director.
Consolidated Cash Flow Statement
For the six months ended 31 May 2017
Six months Six months Year
ended ended to
31 May 31 May 30 November
2017 2016 2016
Notes Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Cash flows from operating
activities
Cash generated from operations 6 12,996 5,388 12,481
Corporation tax (paid)/received (8) 508 97
---------- ---------- ------------
Net cash generated from
operating activities 12,988 5,896 12,578
---------- ---------- ------------
Cash flows from investing
activities
Expenditure on intangible
assets (2,067) (1,874) (3,715)
Purchase of property, plant
and equipment (80) (35) (681)
Interest paid (3) 0 (4)
Acquisition of subsidiary (396) (360) (360)
---------- ---------- ------------
Net cash used in investing
activities (2,546) (2,269) (4,760)
---------- ---------- ------------
Cash flows from financing
activities
Proceeds from exercise
of employee share options 117 202 225
Proceeds from issue of
new shares - - -
Dividends paid (3,337) (2,971) (3,964)
Repayment of borrowings - - (1,000)
New bank loans raised - 1,000 1,000
---------- ---------- ------------
Net cash used in financing
activities (3,220) (1,769) (3,739)
---------- ---------- ------------
Net increase in cash and
cash equivalents 7,222 1,858 4,079
Cash and cash equivalents
at start of the period 6,218 2,094 2,094
Effects of exchange rate
fluctuations on cash held (326) 100 45
---------- ---------- ------------
Cash and cash equivalents
at end of period 13,114 4,052 6,218
---------- ---------- ------------
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Consolidated Statement of Changes in Equity
Profit
Foreign Capital and
Share Share Merger Equity Exchange Redemption loss
capital premium reserve reserve reserve reserve account Total
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
Shareholders' equity
at 1 December 2015
(audited) 744 20,193 16,389 665 818 6 6,235 45,050
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Profit for the
period - - - - - - (548) (548)
Other comprehensive
expense - - - - (100) - - (100)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total comprehensive
income for the
period attributable
to equity holders - - - - (100) - (548) (648)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Share option compensation
charge - - - - - - 83 83
Exercise of employee
share options - - - - - - 202 202
Issue of new shares 3 317 - - - - - 320
Equity to be issued - - - 1,161 - - - 1,161
Dividends paid - - - - - - (2,971) (2,971)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total transactions
with owners 3 317 - 1,161 - - (2,686) (1,205)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total movement
in shareholders'
equity 3 317 - 1,161 (100) - (3,234) (1,853)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
At 31 May 2016
(unaudited) 747 20,510 16,389 1,826 718 6 3,001 43,197
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Shareholders' equity
at 1 December 2016
(audited) 747 20,510 16,389 - 491 6 7,712 45,855
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Profit for the
period - - - - - - 4,655 4,655
Other comprehensive
expense - - - - 46 - - 46
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total comprehensive
loss for the period
attributable to
equity holders - - - - 46 - 4,655 4,701
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Share option compensation
charge - - - - - - 433 433
Movement on EBT
reserves - - - - - - 117 117
Issue of new shares 2 344 - - - - - 346
Treasury shares
used - - - - - - 300 300
Dividends paid - - - - - - (3,337) (3,337)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total transactions
with owners 2 344 - - - - (2,487) (2,141)
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Total movement
in shareholders'
equity 2 344 - - 46 - 2,168 2,560
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
At 31 May 2017
(unaudited) 749 20,854 16,389 - 537 6 9,880 48,415
--------------------------- --------- --------- --------- --------- ---------- ------------ --------- --------
Notes to the interim condensed consolidated financial statements
Six months ended 31 May 2017
1 General information
Amino Technologies plc ('the Company') and its subsidiaries (together 'the Group') specialises in IPTV software technologies and hardware platforms that enable delivery of digital programming and interactivity over IP networks, including the internet.
The Company is a public limited company which is listed on the AIM market of the London Stock Exchange and is incorporated and domiciled in the UK.
2 Basis of preparation
These interim condensed consolidated financial statements have been prepared using accounting policies based on International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee ("IFRIC") interpretations published by 31 May 2017 as endorsed by the European Union (EU). The accounting policies, presentation and methods of computation followed in the preparation of these interim consolidated financial statements are consistent with those applied in the Group's audited financial statements for the year ended 30 November 2016. These interim condensed consolidated financial statements are not required to and do not comply with IAS 34 "Interim financial reporting".
The financial information presented for the six-month periods ended 31 May 2017 and 31 May 2016 has not been audited. The comparative financial information presented for the year ended 30 November 2016 has been extracted from, but does not constitute, the full statutory Annual Report of Amino Technologies plc for that year. The statutory Annual Report and Financial statements for 2016 have been delivered to the Registrar of Companies. The independent Auditors' Report on that Annual Report and Financial Statements for the year ended 30 November 2016 was unqualified and did not contain a statement under Section 498(2) or Section 498(3) Companies Act 2006.
After making enquiries, the Directors have concluded that the Group has adequate resources to continue operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these interim condensed consolidated financial statements.
3 Revenue
Based on the management reporting system the Group has only one operating segment, being the development and sale of broadband network software and systems, including an incidental amount in respect of licensing and support services. All revenues, costs, assets and liabilities relate to this segment. The information provided to the Amino Technologies plc chief operating decision maker is measured in a manner consistent with the measures within the financial statements. The chief operating decision maker is the executive board.
The geographical analysis of revenue from external customers generated by the identified operating segment is:
Six months
ended Six months Year to
31 May ended 30 November
2017 31 May 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
North America 24,889 18,007 38,949
Latin America 8,300 2,805 12,883
Europe 6,151 11,834 22,499
Rest of the World 595 358 847
---------- ------------ ------------
39,935 33,004 75,178
---------- ------------ ------------
4 Exceptional items
Exceptional items included within operating expenses comprised:
Six months
ended Six months Year to
31 May ended 30 November
2017 31 May 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Contingent post acquisition
remuneration 599 2,285 3,600
Integration costs - 447 443
Redundancy and associated
costs - 817 782
Total exceptional items 599 3,549 4,825
---------- ------------ ------------
The Group identifies and reports material, non-recurring and incremental costs and income as exceptional items separately from underlying operating expenses and income. Exceptional and other costs may include: restructuring costs (as defined in IAS 37 Provisions, Contingent Liabilities and Contingent Assets), legal and professional advisors fees in respect of acquisition costs, contingent post-acquisition remuneration payable relating to the acquisition of Entone Inc., contractor and travel fees relating to post acquisition integration activities and accelerated amortisation incurred as a result of the rationalisation of the product development roadmap after the acquisition of Entone Inc.
5 Earnings per share
Six months Six months
ended 31 ended 31 Year to
May May 30 November
2017 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Profit/(loss) attributable
to shareholders 4,655 (548) 2,681
Adjustments:
Employee share based
payment charge 433 83 297
Exceptional items 599 3,549 4,825
Amortisation on acquired
intangible assets 1,125 1,125 2,249
Tax associated with above
items (224) (225) (449)
---------- ---------- ------------
Adjusted profit for the
year 6,586 3,984 9,603
---------- ---------- ------------
Number Number Number
Weighted average number
of shares (Basic) 71,507,847 69,838,968 70,401,918
---------- ---------- ------------
Weighted average number
of shares (Diluted) 73,373,264 71,804,664 71,131,763
---------- ---------- ------------
Basic earnings per share 6.51p (0.79)p 3.81p
Diluted earnings per
share 6.34p (0.76)p 3.77p
Adjusted basic earnings
per share 9.21p 5.70p 13.64p
Adjusted diluted earnings
per share 8.98p 5.55p 13.50p
The calculation of basic earnings per share is based on profit after taxation and the weighted average number of ordinary shares of 1p each in issue during the period, as adjusted for shares held by an Employee Benefit Trust and held by the Company in treasury.
Adjusted earnings per share is a non-GAAP measure and therefore the approach may differ between companies.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary share options and shares to be issued in respect of the contingent post acquisition remuneration relating to the acquisition of Entone Inc. The Group has only one category of dilutive potential ordinary share options: those share options where the vesting conditions have not yet been met.
6 Cash generated from operations
Six months Six months
ended ended Year ended
31 May 31 May 30 November
2017 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Operating profit/(loss) 4,766 (545) 2,855
Amortisation charge 2,834 1,957 5,000
Depreciation charge 165 136 495
Loss on disposal of property,
plant & equipment - - 14
Share-based payment charge 433 83 297
Exchange differences 128 (163) 31
Decrease/(increase) in
inventories 57 1,030 (1,919)
Decrease/(increase) in
trade and other receivables 9,463 (503) (2,849)
(Decrease)/increase in
trade and other payables (4,850) 3,393 8,557
---------- ---------- ------------
Cash generated from operations 12,996 5,388 12,481
Adjusted operating cash flow before exceptional cash outflows was GBP12,996,000 (H1 2016 GBP6,439,000) and is reconciled to cash generated from operations as follows:
Six months Six months
ended ended Year to
31 May 31 May 30 November
2017 2016 2016
Unaudited Unaudited Audited
GBP000s GBP000s GBP000s
Adjusted operating cashflow 12,996 6,439 15,795
Integration costs - (399) (443)
Redundancy and associated
costs - (652) (1,150)
Contingent post-acquisition
remuneration - - (1,721)
Cash generated from operations 12,996 5,388 12,481
Cash generated from operations in the six months to 31 May 2016 has been restated to reclassify GBP360k in respect of deferred contingent consideration, which is now disclosed as acquisition of subsidiaries within investing activities. This is consistent with the audited financial statements for the year to 30 November 2016.
7 Cautionary statement
This document contains certain forward-looking statements relating to the Group. The Group considers any statements that are not historical facts as "forward-looking statements". They relate to events and trends that are subject to risk and uncertainty that may cause actual results and the financial performance of the Group to differ materially from those contained in any forward-looking statement. These statements are made by the directors in good faith based on information available to them and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLTDIIILID
(END) Dow Jones Newswires
July 11, 2017 02:00 ET (06:00 GMT)
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