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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 : 8477U
Amino Technologies PLC
17 July 2018
17 July 2018
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
HALF YEAR RESULTS
Strong revenue visibility and pipeline coverage - full year expectations confirmed
Amino Technologies plc (LSE AIM: AMO), the global provider of media and entertainment technology solutions to network operators, announces unaudited results for the six months ended 31 May 2018.
Financial highlights:
Hot Features
Premium
$m unless otherwise 2018 2017 Change
stated
------- ------- -------
Revenue 41.2 49.8 (17%)
Adjusted gross profit 17.1 22.1 (23%)
Adjusted profit before tax
(1) 3.8 9.0 (58%)
Adjusted basic earnings per
share (US cents)(1) 5.19c 12.00c (57%)
Statutory gross profit 17.3 22.1 (22%)
Statutory (loss)/profit before
tax (0.1) 6.3 (102%)
Statutory basic earnings per
share (US cents) 0.21c 8.62c (98%)
Net cash 15.0 16.8 (11%)
Interim dividend per share
(GBP pence) 1.683p 1.530p 10%
Financial highlights
-- Expectations for full year confirmed:
o More than 75% of full year revenues secured
o Orders up 40% year on year
o Good sales pipeline coverage for the remainder of the year
-- In line with previous guidance, H1 revenues lower than last year due to order phasing by one major customer, and greater second-half weighting as normal seasonality returns
-- Successfully mitigating pricing pressure on components -- Strong cash generation and balance sheet
o 93% adjusted operating cash conversion
o $15m net cash
-- Reporting currency changed to US Dollars to provide transparency of underlying performance -- Interim dividend up 10%
Strategic and operational highlights
-- Good progress on our three strategic objectives: IP/Cloud TV Everywhere, Operator Ready Android TV and Upcycling legacy devices to next-generation TV experiences
-- Strategy to enable IP delivery 24/7 on any device gaining momentum
o Delivering operator class end-to-end video delivery platforms
o Standalone software and services account for 11% of revenues (up 400 bps)
o Annual run rate recurring revenues up 27% to $4.7m (H1 2017: $3.7 million)
-- Disciplined approach to M&A
Keith Todd CBE, Non-Executive Chairman, said:
"It is encouraging to report material progress in delivering our three long-term strategic growth drivers - IP/Cloud TV Everywhere, Operator Ready Android TV and Upcycling Legacy devices to next generation TV experiences. With more than 75% of expected full year revenues secured, and good visibility provided by our order backlog and pipeline, the Board remains confident in full year expectations. We are pleased to recommend a 10% increase in the half year dividend, in line with our progressive dividend policy."
This announcement is released by Amino Technologies plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Mark Carlisle, Chief Financial Officer.
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) Tim Redfern / Richard Chambers - (ECM) Liberum Capital Limited (Joint Broker) +44 (0)20 3100 2000 Cameron Duncan / Bidhi Bhoma FTI Consulting LLP (Financial communications) +44 (0)20 3727 1000 Jamie Ricketts / Alex Le May / Darius Alexander
About Amino Technologies plc
Amino is a global leader in IP/cloud media and entertainment technology solutions and an IPTV pioneer, working with over 250 operators in 100-plus countries. Drawing on more than 20 years' experience delivering innovation, Amino enables operators to meet the challenges they face as broadcast TV and online video moves to an all-IP future with managed over-the-top (OTT) offerings. We are expert in software, hardware and cloud implementation - able to deploy our own leading-edge technologies and integrate these with third-party and 'upcycled' legacy systems. At the forefront of the evolution of TV Everywhere, Amino helps operators to provide the features and functionality modern consumers are looking for in a multiscreen, multi-device entertainment world. 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
Notes
(1) 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.
Chief Executive Officer's review
Strategic progress
As a technology business helping operators provide smarter, more cost-effective ways of delivering modern TV experiences, Amino benefits from long-term structural industry growth drivers. Consumers want flexible access to media, with 24/7 access to content on any device. Operators are therefore innovating to meet these heightened customer expectations. In turn, Amino is addressing operators' changing needs, by enabling an all-IP service, delivered via the Cloud, on a 24/7, multi-device basis. We are seeing this demand translate into three clear market opportunities for Amino - the transition in the cable and satellite TV industry to IP/Cloud TV Everywhere, the emergence of Android TV as a credible service delivery choice for pay-TV operators and the upcycling of operator legacy devices to deliver new TV experiences.
Amino delivered a first half performance in line with our expectations and enters the second half with continued momentum in our key strategic areas. As previously announced, a change in the phasing of the delivery orders (for which purchase orders have already been received) by one of our major customers means that we are now returning to our normal seasonality with revenues weighted to the second half of the year. Given more than 75% of full year revenues are already secured, and with good pipeline coverage for the remainder of the year, the Board is confident of delivering a full year performance in line with its previous expectations.
The period saw encouraging growth in software sales and recurring revenues with important contract wins underlining our capabilities in delivering operator class end-to-end video delivery platforms. Software and services revenues sold on a standalone basis grew at 24% year on year and are now 11% of total revenue in the period (H1 2017: 7%), with annual run rate recurring revenues increasing to $4.7m million (H1 2017: $3.7 million).
We entered the year with a strong order backlog and have seen growing demand for our solutions with 40% more orders during the first half than in the corresponding period last year. As a result, we entered July with over 75% of our forecast revenue for the full year secured (i.e. revenue recognised plus orders received), in line with the same point last year.
As previously communicated, revenue was lower year-on-year at $41.2 million (H1 2017: $49.8 million) reflecting phasing of orders. Net cash at 31 May 2018 was $15.0m (31 May 2017: $16.8 million).
Strategic objectives
We have made material progress during the period against our three strategic objectives:
1. IP/Cloud TV Everywhere; which provides telco and cable operators with the capabilities to provide the latest 'TV everywhere' experiences. Amino also enables cable operators to transition cost-effectively from Cable to IP. At the start of the year, Netherlands-based operator DELTA deployed our Amino TV video delivery platform as part of a major project to transition its existing cable TV subscriber base to an all IP-based multiscreen service model. As well as delivering significant bandwidth savings, the operator also deployed our service assurance platform to provide a range of further cost efficiencies including customer self-installation.
2. Operator Ready Android TV; which has emerged as a credible service delivery choice for pay-TV operators with its ability to provide a rich user experience - with value added content - and new features like personalisation, content recommendation and voice control. Initial orders for devices have been secured in North America as demand is driven by our differentiated 'Operator ready' solution - which adds our own unique software capabilities to the underlying Android platform. During the period, we updated our platform to the latest 'Android O' version and have also carried out a series of well attended marketing workshops at industry events with Google and partners in Europe, North America and, most recently, Asia.
3. Upcycle legacy STB to next-generation; where we utilise our core software to leverage an operator's existing assets, including their installed base of TV devices, to deliver new content and consumer experiences to the home. Our track record of delivering this transformational change for leading operators positions us strongly in our markets and we now have a solid pipeline of opportunities albeit with relatively long sales cycles.
Streamlining our portfolio
In addressing these market opportunities, we have simplified and streamlined our portfolio to better focus our capabilities:
-- AminoTV: this is our end-to-end platform - formerly MOVE - and offers customers a complete video service delivery solution from content ingest through to a consumer 'TV everywhere' experience.
-- AminoOS: this combines our core Enable and Android TV software stacks with the Engage service assurance platform in line with customer take-up of bundled offerings.
-- AminoView: this remains our device offering and includes IPTV, cable-hybrid TV and dual and single mode Android TV products.
We believe these changes will provide additional clarity to our propositions and align them more closely with both our customers and market trends.
Operational review
Our performance in the North American market was impacted by the phasing of orders received from a major customer, more of which will be recognised in the second half of the year than the first half. We continue to see sustained growth for our software-based service assurance platform which is becoming a key element in operators' efforts to drive down operational costs through improved remote troubleshooting and device self-installation which significantly reduces the requirement for an engineer to visit the customer.
Latin America was broadly flat year-on-year in terms of revenues; however, we have continued to make good progress with follow-on orders from key customers and secured a significant new contract with a major regional operator.
European sales recovered after a period of decline with a long-standing customer re-commencing orders in the second half of last year. Following on from the DELTA launch of multiscreen services, Dutch regional service provider Kabelnoord will also deploy the AminoTV platform to support a new service rollout in the second half of 2018. A contract win with T-2 in Slovenia to support their deployment of 4K UHD services was also announced during the period.
Operationally, we have been successfully mitigating ongoing industry-wide pricing pressure on key device components such as silicon, memory and multi-layer ceramic capacitors (MLCC). Our relentless focus on supply chain management continues to mitigate, where possible, price increases for customers and hence this pricing pressure does not alter our confidence in meeting our previous expectations for the full year. In line with many technology companies, we anticipate further pressure on component pricing and availability for the remainder of this year.
We continue to seek complementary acquisition opportunities to improve our product portfolio, whilst maintaining a disciplined approach to ensure such opportunities meet clearly defined strategic and financial objectives and therefore drive long-term shareholder value. To that end, we evaluated more than one material acquisition opportunity during the period, incurring a modest amount of due diligence expenses before electing not to continue discussions.
Outlook
We have entered the second half of the year with a strong order book, backlog and pipeline coverage alongside a clear set of propositions for the markets we serve. Furthermore, over 75% of our forecast revenue for the full year is secured. Operationally, we will continue to focus on managing the supply chain to mitigate component price increases. As such, the Board is confident on delivering a full year performance in line with its previous expectations.
Donald McGarva
Chief Executive Officer
16 July 2018
Chief Financial Officer's review
On 6 June 2018 the Group announced that from the beginning of the current financial year it would be changing the currency in which it presents its financial results from UK pounds sterling ("sterling") to US dollars ("dollars"), denoted by the symbol $. Accordingly, the previously reported results for the six months ended 31 May 2017 and for the year ended 30 November 2017 have been translated from sterling to dollars using the exchange rates set out in note 7.
Revenue for the period decreased by 17% to $41.2m (H1 2017: $49.8m) primarily as a result of the previously communicated change in phasing of orders by one of our major customers. Adjusted operating profit was $3.8m (H1 2017: $9.0m), predominantly as a result of the reduction in revenue and therefore gross profit. Operating loss was $0.1m (H1 2017: $6.3m profit). In line with its progressive dividend policy, the Board has recommended an interim dividend of 1.683 sterling pence per share, a 10% increase over the prior year. The Group has a strong balance sheet with net cash at 31 May 2018 of $15.0m (FY 2017: $17.4m, H1 2017: $16.8m) and is debt free.
Revenue
H1 H1 2017 Change
2018 $m
$m
Recurring 2.3 1.9 21%
One-off 2.3 1.8 28%
Software and services 4.6 3.7 24%
Devices including integrated
software 36.6 46.1 (21%)
------ --------
Revenue 41.2 49.8 (17%)
Software and service revenues represent revenues from our AminoTV TV Everywhere platform, our AminoOS software sold independently from devices as well as support for our AminoView devices. Software and service revenues increased by 24% in H1 2018 as a result of growth across all these revenue streams and are now 11% of total revenues for the period (H1 2017: 7%). Annual run rate recurring revenues increased to $4.7m million (H1 2017: $3.7 million). Device revenue declined as a result of the change in phasing of orders by one of our major customers in North America and we expect this trend to reverse in the second half of the year.
The Group's revenues are globally distributed as follows:
As reported
H1 H1 Change
2018 2017
$m $m
------ ------
North America 20.4 31.1 (34%)
Latin America 6.9 7.4 (7%)
Europe 13.4 10.7 25%
Rest of World 0.5 0.6 (17%)
------ ------
Revenue 41.2 49.8 (17%)
In North America, revenue declined as a result of the change in phasing of orders by one of our major customers. In Europe, sales growth was driven by a long-standing customer re-commencing orders in the second half of last year, as well as growth in software and services.
Gross profit
Excluding the impact of a one off $0.2m credit in respect of royalty costs recognised in prior years which have subsequently been renegotiated, adjusted gross profit decreased by 23% to $17.1m (H1 2017: $22.1m). Adjusted gross margin decreased slightly to 42% (H1 2017: 44%) as increases in silicon and memory prices were not fully offset by higher margin software revenue. We expect continued component pricing pressure of silicon, memory and MLCC to continue into H2 2018, consistent with our full year expectations. Including the impact of the one off $0.2m credit (described above), gross profit decreased by 22% to $17.3m (H1 2017: $22.1m).
Operating expenses
As reported
H1 H1 Change
2018 2017
$m $m
------ ------
R&D 3.5 3.5 -%
SG&A 6.8 7.2 (6)%
Share-based payment
charge 0.7 0.6 17%
Exceptional costs 1.9 0.7 171%
Depreciation and amortisation 4.6 3.8 21%
------ ------
Operating expenses 17.5 15.8 11%
In H1 2018, the Group's R&D and SG&A costs were denominated 45% in US and HK Dollars (H1 2017: 51%), 40% in sterling (H1 2017: 40%) and 15% in Euros (H1 2017: 9%). In March, we completed the final stage of rationalising our three R&D centres into two which resulted in $1.4m annualised cost reductions.
The Group continues to invest in research and the development of new products and spent $5.8m on R&D activities (H1 2017: $6.2m) of which $2.2m was capitalised (H1 2017: $2.7m). Share based payment charges totalled $0.7m (H1 2017: $0.6m).
Exceptional items
Exceptional items included within operating expenses in H1 2018 comprised $1.6m restructuring costs incurred as a result of the final rationalisation of our R&D centres. $0.3m costs were also incurred in respect of more than one potential, material acquisition. These were aborted following the completion of phase one of due diligence.
Depreciation and amortisation
Excluding amortisation of intangibles recognised on acquisition, depreciation and amortisation was $3.0m (H1 2017: $2.4m). Amortisation of intangibles recognised on acquisition was $1.5m (H1 2017: $1.4m).
Operating profit
Adjusted operating profit excluding share-based payment charges of $0.7m, exceptional items of $1.7m and amortisation of intangibles recognised on acquisition of $1.5m was $3.8m (H1 2017: $9.0m). Statutory operating loss was $0.1m (H1 2017: $6.3m profit).
Taxation
The tax charge comprises a $0.3m credit relating to the unwinding of the deferred tax liability recognised in respect of the amortisation of intangible assets recognised on acquisition.
Profit after tax
Profit after tax was $0.2m (H1 2017: $6.2m).
Earnings per share
After adjusting for the after-tax impact of exceptional items, share-based payment charges and amortisation of intangibles recognised on acquisition, adjusted basic earnings per share decreased by 57% to 5.19 US cents (H1 2017: 12.00 US cents) and adjusted diluted earnings per share decreased by 56% to 5.14 US cents (H1 2017: 11.7 US cents). Basic earnings per share was 0.21 US cents (H1 2017: 8.62 US cents) and diluted earnings per share was 0.21 US cents (H1 2017: 8.40 US cents).
Cash flow
Adjusted cash flow from operations was $6.3m (H1 2017: $16.4m) and represented 93% of adjusted EBITDA (H1 2017: 148%). In H1 2017, adjusted cash flow from operations benefitted from a $5m working capital inflow which resulted from larger orders being completed well in advance of the period end. The timing of order completion in H1 2018 meant that this was not repeated. Exceptional cash costs as a result of the R&D centre rationalisation were $1.2m. Cash generated from operations was $5.1m (H1 2017: $16.4m).
During the period the Group spent $0.1m (H1 2017: $0.1m) on capital expenditure and capitalised $2.2m of research and development costs (H1 2017 $2.7m). The Group also paid dividends of $5.2m.
Financial position
The Group had net cash balances at 31 May 2018 of $15.0m (FY 2017: $17.4m, H1 2017: $16.8m). The Group also has a GBP15.0m sterling multicurrency working capital loan facility which amortises to GBP12.5m sterling in July 2018 and to GBP10m sterling in July 2019. It expires in July 2020 and was undrawn at the period end.
At 31 May 2018 the Group had total equity of $68.4m (FY 2017: $73.1m, H1 2017: $62.2m) and net current assets of $11.7m (FY 2017: $14.4m, H1 2017: $6.5m). 76% of trade receivables were insured (FY 2017: 70%, H1 2017: 61%) and debtor days were 27 days (FY 2017: 26 days, H1 2017: 25 days).
Dividend
The Board is pleased to confirm that it intends to recommend an interim dividend of 1.68 pence sterling per share (H1 2017: 1.53 pence sterling per share), representing a 10% year-on-year increase, in line with Amino's previously stated progressive dividend policy. This will be payable on 3rd September 2018. The record date for the interim dividend is 10th August 2018 and the corresponding ex-dividend date is 9th August 2018.
Mark Carlisle
Chief Financial Officer
16 July 2018
Consolidated Income Statement
For the six months ended 31 May 2018
Six months Six months Year ended
ended 31 May ended 31 30 November
2018 Unaudited May 2017 2017 Unaudited
Unaudited
Notes Total Total Total
$000s $000s $000s
Revenue 3 41,178 49,839 96,136
Cost of sales (23,830) (27,706) (50,890)
__________ __________ __________
Gross profit 17,348 22,133 45,246
(
Operating expenses (17,472) (15,817) (32,068)
_________ _________ _________
Operating (loss)/profit (124) 6,316 13,178
Analysed as:
Adjusted operating profit 3,801 9,017 15,051
Share based payment charge (652) (543) (996)
Exceptional items 4 (1,726) (750) 2,003
Amortisation of acquired intangible
assets (1,547) (1,408) (2,880)
__________ __________ __________
Operating (loss)/profit (124) 6,316 13,178
Finance expense (86) (3) (5)
Finance income 54 - 111
__________ __________ __________
Net finance (expense)/income (32) (3) 106
__________ __________ __________
(Loss)/profit before tax (156) 6,313 13,284
Tax credit/(charge) 309 (148) 2,001
__________ __________ __________
Profit/(loss) for the period from
continuing operations attributable
to equity holders 153 6,165 15,285
__________ __________ __________
Basic earnings per 1p ordinary
share 5 0.21c 8.62c 21.27c
Diluted earnings per 1p ordinary
share 5 0.21c 8.40c 20.84c
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 2018
Six months Six months Year ended
ended 31 ended 31 30 November
May 2018 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
Profit for the period 153 6,165 15,285
---------- ---------- ------------
Foreign exchange difference arising
on consolidation (415) 1,630 4,041
---------- ---------- ------------
Other comprehensive (expense)/
income (415) 1,630 4,041
---------- ---------- ------------
Total comprehensive (loss)/income
for the period (262) 7,795 19,326
---------- ---------- ------------
Consolidated Balance Sheet
As at 31 May 2018
As at As at As at
31 May 2018 31 May 2017 30 November
Unaudited Unaudited 2017
Unaudited
Notes
Assets $000s $000s $000s
Non-current assets
Property, plant and equipment 684 838 793
Intangible assets 58,147 59,295 60,672
Deferred tax assets 744 719 751
Other receivables 409 398 408
------------ ------------ ------------
59,984 61,250 62,624
------------ ------------ ------------
Current assets
Inventories 4,315 7,078 4,285
Trade and other receivables 17,388 6,305 15,233
Cash and cash equivalents 15,049 16,837 17,386
------------ ------------ ------------
36,752 30,220 36,904
------------ ------------ ------------
Total assets 96,736 91,470 99,528
------------ ------------ ------------
Capital and reserves attributable
to equity holders of the
business
Called-up share capital 1,327 1,327 1,327
Share premium 32,300 32,300 32,300
Capital redemption reserve 12 12 12
Foreign exchange reserves (12,241) (14,237) (11,826)
Other reserves 30,122 30,122 30,122
Retained earnings 16,836 12,632 21,158
------------ ------------ ------------
Total equity 68,356 62,156 73,093
------------ ------------ ------------
Liabilities
Current liabilities
Trade and other payables 25,062 23,008 22,499
Corporation tax payable 12 688 26
------ ------ ------
25,074 23,696 22,525
------ ------ ------
Non-current liabilities
Provisions 1,768 3,552 2,056
Deferred tax liability 1,538 2,066 1,854
------ ------ ------
3,306 5,618 3,910
Total liabilities 28,380 29,314 26,435
------ ------ ------
Total equity and liabilities 96,736 91,470 99,528
------ ------ ------
The interim condensed consolidated financial statements on pages 8 to 18 were approved by the Board of directors on 16 July 2018 and were signed on its behalf by Donald McGarva, Director.
Consolidated Cash Flow Statement
For the six months ended 31 May 2018
Six months Six months Year to
ended 31 ended 31 30 November
May May 2017 2017
2018 Unaudited Unaudited
Notes Unaudited
$000s $000s $000s
Cash flows from operating activities
Cash generated from operations 6 5,087 16,412 22,246
Net corporation tax paid - (11) (717)
---------- ---------- ------------
Net cash generated from operating
activities 5,087 16,401 21,529
---------- ---------- ------------
Cash flows from investing activities
Expenditure on intangible assets (2,239) (2,654) (6,041)
Purchase of property, plant and
equipment (112) (102) (272)
Interest received/(paid) 54 (3) 106
Acquisition of subsidiary - (494) (494)
---------- ---------- ------------
Net cash used in investing activities (2,297) (3,253) (6,701)
---------- ---------- ------------
Cash flows from financing activities
Proceeds from exercise of employee
share options 93 146 444
Dividends paid (5,220) (4,194) (5,623)
---------- ---------- ------------
Net cash used in financing activities (5,127) (4,048) (5,179)
---------- ---------- ------------
Net (decrease)/increase in cash
and cash equivalents (2,337) 9,100 9,649
Cash and cash equivalents at start
of the period 17,386 7,737 7,737
Effects of exchange rate fluctuations
on cash held
---------- ---------- ------------
Cash and cash equivalents at end
of period 15,049 16,837 17,386
---------- ---------- ------------
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Consolidated Statement of Changes in Equity
Share Share Foreign Capital Profit Total
capital premium Merger exchange redemption and loss
reserve reserve reserve account
$000s $000s $000s $000s $000s $000s $000s
Shareholders' equity
at 1 December 2016 (unaudited) 1,325 31,871 30,122 (15,867) 12 9,597 57,060
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Profit for the period - - - - - 6,165 6,165
Other comprehensive
income - - - 1,630 - - 1,630
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total comprehensive
income for the period
attributable to equity
holders - - - 1,630 - 6,165 7,795
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Share based payment
charge - - - - - 543 543
Exercise of employee
share options - - - - - 146 146
Issue of new shares 2 429 - - - - 431
Treasury shares used - - - - - 375 375
Dividends paid - - - - - (4,194) (4,194)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total transactions with
owners 2 429 - - - (3,130) (2,699)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total movement in shareholders'
equity 2 429 - 1,630 - 3,035 5,096
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
At 31 May 2017 (unaudited) 1,327 32,300 30,122 (14,237) 12 12,632 62,156
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Shareholders' equity
at 1 December 2017 (unaudited) 1,327 32,300 30,122 (11,826) 12 21,158 73,093
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Profit for the period - - - - - 153 153
Other comprehensive
expense - - - (415) - - (415)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total comprehensive
loss for the period
attributable to equity
holders - - - (415) - 153 (262)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Share based payment
charge - - - - - 652 652
Exercise of employee
share options - - - - - 93 93
Dividends paid - - - - - (5,220) (5,220)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total transactions with
owners - - - - - (4,475) (4,475)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Total movement in shareholders'
equity - - - (415) - (4,322) (4,737)
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
At 31 May 2018 (unaudited) 1,327 32,300 30,122 (12,241) 12 16,836 68,356
--------------------------------- --------- --------- ---------- ---------- ------------ ---------- --------
Notes to the interim condensed consolidated financial statements
Six months ended 31 May 2018
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 England and Wales.
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 2018 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 2017, except for the change in presentational currency. 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 2018 and 31 May 2017 has not been audited. The comparative financial information presented for the year ended 30 November 2017 does not constitute, the full statutory Annual Report of Amino Technologies plc for that year and is not audited due to the change in presentation currency (the audited statutory annual report of Amino Technologies plc for the year ended 30 November 2017 was presented in sterling). The statutory Annual Report and Financial statements for 2017 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 2017 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.
Change in presentation currency
On 6 June 2018 the Group announced that from the beginning of the current financial year it would be changing the currency in which it presents its financial results from UK pounds sterling ("sterling") to US dollars ("dollars"). Accordingly, the reported results for the six months ended 31 May 2017 and for the year ended 30 November 2017 have been translated from sterling to dollars.
The trading results of subsidiaries where the functional currency was other than dollars were translated into dollars at the relevant average rates of exchange while the assets and liabilities of these operations were translated into dollars at the relevant closing rates of exchange. A change in presentation currency represents a change in accounting policy which is accounted for retrospectively.
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 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 Six months Year to
ended ended 30 November
31 May 2018 31 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
North America 20,382 31,081 60,513
Latin America 6,900 7,418 10,635
Europe 13,368 10,700 23,212
Rest of the World 528 640 1,776
------------ ------------ ------------
41,178 49,839 96,136
------------ ------------ ------------
4 Exceptional items
Exceptional items included within cost of sales and operating expenses comprised:
Six months Six months Year to
ended ended 30 November
31 May 2018 31 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
Credit relating to royalty costs
recognised in prior years and
subsequently negotiated (224) - (2,387)
------------ ------------ ------------
Subtotal cost of sales (224) - (2,387)
Contingent post acquisition
remuneration - 750 1,046
Release of deferred contingent
consideration (conditions not
met) - - (831)
Redundancy and associated costs 1,612 - 169
Aborted acquisition costs 338 - -
------------ ------------ ------------
Subtotal operating expenses 1,950 750 384
Total exceptional items 1,726 750 (2,003)
------------ ------------ ------------
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, including aborted acquisitions, and contingent post-acquisition remuneration payable relating to the acquisition of Entone, Inc.
5 Earnings per share
Six months Six months Year to
ended 31 May ended 31 May 30 November
2018 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
Profit attributable to shareholders 153 6,165 15,285
Adjustments:
Employee share based payment
charge 652 543 996
Exceptional items 1,726 750 (2,003)
Amortisation on acquired intangible
assets 1,547 1,408 2,880
Tax associated with above items (309) (282) (576)
------------- ------------- ------------
Adjusted profit for the period 3,769 8,584 16,582
------------- ------------- ------------
Number Number Number
Weighted average number of shares
(Basic) 72,624,967 71,507,847 71,851,262
------------- ------------- ------------
Weighted average number of shares
(Diluted) 73,396,708 73,373,264 73,350,612
------------- ------------- ------------
Basic earnings per share (cents) 0.21 8.62 21.27
Diluted earnings per share (cents) 0.21 8.40 20.84
Adjusted basic earnings per
share (cents) 5.19 12.00 23.08
Adjusted diluted earnings per
share (cents) 5.14 11.70 22.61
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 Year ended
ended ended 30 November
31 May 2018 31 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
(Loss)/profit before tax (156) 6,313 13,284
Net finance charges/(income) 32 3 (106)
Amortisation charge 4,352 3,553 7,925
Depreciation charge 216 207 423
Loss on disposal of property,
plant & equipment - - 1
Share based payment charge 652 543 996
Exchange differences 126 511 481
(Increase)/decrease in inventories (30) (146) 2,646
(Increase)/decrease in trade
and other receivables (2,155) 11,508 3,065
Increase/(decrease) in trade
and other payables 2,050 (6,080) (6,469)
------------ ------------ ------------
Cash generated from operations 5,087 16,412 22,246
------------ ------------ ------------
Adjusted operating cash flow before exceptional cash outflows was $6,345k (H1 2017 $16,411k) and is reconciled to cash generated from operations as follows:
Six months Six months Year ended
ended ended 30 November
31 May 2018 31 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
Adjusted operating cashflow 6,350 16,412 23,746
- -
Redundancy and associated costs (1,214) - -
Contingent post-acquisition
remuneration - - (1,500)
Acquisition costs (49) - -
Cash generated from operations 5,087 16,412 22,246
------------ ------------ ------------
Adjusted cash generated from operations is a non-GAAP measure and excludes cash from exceptional items.
Six months Six months Year ended
ended ended 30 November
31 May 2018 31 May 2017 2017
Unaudited Unaudited Unaudited
$000s $000s $000s
Adjusted EBITDA 6,822 11,369 20,520
Adjusted operating cashflow
conversion % 93% 144% 116%
- -
Exceptional items (1,726) (750) 2,003
Share based payment charge (652) (543) (996)
EBITDA 4,444 10,076 21,527
------------ ------------ ------------
Operating cashflow conversion
% 114% 163% 103%
Adjusted EBITDA is a non-GAAP measure and is defined as earnings before interest, taxation, depreciation, loss on disposal of property, plant and equipment, amortisation, exceptional items and share based payment charges.
7 Five year US dollar comparative information
Year ended 30 November
Income statement 2017 2016 2015 2014 2013
Unaudited Unaudited Unaudited Unaudited Unaudited
$m $m $m $m $m
Revenue 96.1 101.6 63.9 59.8 55.9
---------- ---------- ---------- ---------- ----------
Adjusted EBITDA 20.5 17.4 11.4 11.2 9.5
---------- ---------- ---------- ---------- ----------
Adjusted operating profit 15.1 13.0 7.8 6.9 5.3
Exceptional and other
items (1.9) (10.4) (7.5) (0.3) 1.2
Interest (net) 0.1 0.0 0.1 0.1 0.1
---------- ---------- ---------- ---------- ----------
Profit before tax 13.3 2.6 0.4 6.7 6.6
Tax credit/(charge) 2.0 (0.2) 0.1 0.0 (0.1)
---------- ---------- ---------- ---------- ----------
Profit attributable
to equity holders 15.3 2.4 0.5 6.7 6.5
---------- ---------- ---------- ---------- ----------
Average number of employees 197 209 150 100 103
Year ended 30 November
Earnings per share 2017 2016 2015 2014 2013
Unaudited Unaudited Unaudited Unaudited Unaudited
$ cents $ cents $ cents $ cents $ cents
Adjusted basic 23.08 18.78 13.13 13.36 10.10
Adjusted diluted 22.61 18.59 13.06 13.25 10.02
Basic 21.27 3.68 0.93 12.69 12.31
Diluted 20.84 3.65 0.92 12.51 12.22
Dividends
Dividend per ordinary
share GBP pence 6.65 6.05 5.50 5.00 3.45
Dividend per ordinary
share USD cents 8.52 8.33 8.43 8.26 5.38
---------- ---------- ---------- ---------- ----------
As at 30 November
Balance sheet 2017 2016 2015 2014 2013
Unaudited Unaudited Unaudited Unaudited Unaudited
$m $m $m $m $m
Non-current assets 62.6 60.5 71.6 7.6 8.2
Net current assets 14.4 2.4 5.0 32.7 32.5
---------- ---------- ---------- ---------- ----------
Total assets less current
liabilities 77.0 62.9 76.6 40.3 40.7
Non-current liabilities - (0.8) (2.7) - -
Provisions for liabilities
and charges (3.9) (5.1) (6.2) - -
---------- ---------- ---------- ---------- ----------
Net assets 73.1 57.0 67.7 40.3 40.7
---------- ---------- ---------- ---------- ----------
Called up share capital 1.3 1.3 1.1 0.9 0.9
Reserves 71.8 55.7 66.6 39.4 39.8
---------- ---------- ---------- ---------- ----------
Shareholders' funds 73.1 57.0 67.7 40.3 40.7
---------- ---------- ---------- ---------- ----------
Exchange rates used 2017 2016 2015 2014 2013
USD:GBP
Average rate 1.28061 1.37702 1.53254 1.65267 1.56034
Year end rate 1.33975 1.24440 1.50311 1.56386 1.63477
8 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GUGDRIUBBGIR
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July 17, 2018 02:03 ET (06:03 GMT)
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