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Amino Technologies

  • BY: Andrew Hore |
  • POSTED: 20/09/2010 |

IPTV technology company Amino Technologies says that non-executive director Donald McGarva has become chief operating officer.

McGarva has experience in the logistics sector which will prove useful to Amino as it tries to improve its margins.

Finance director Stuart Darling is stepping down after nearly one decade with Amino.

There was a recovery in revenues in the six months to May 2010 and a strong order book suggests the improvement will continue.

Amino is receiving large orders from big customers but the trade off for that is that gross margins have declined from 35.5% to 29.7%. However, with revenues rising 42% to £18.1m and much lower operating costs, Amino’s loss has reduced sharply from £3.56m to £944,000. If it had not been for the £895,000 forex loss then the overall loss would have been less than £50,000 in the latest six month period.

Total shipments of IPTV boxes rose 47% to 243,000 with the vast majority now using MPEG-4 technology. Amino is also winning its first orders for so-called ‘Over-The-Top’ video technology - effectively transmitting the likes of YouTube and BBC iPlayer through a set top box. YouView, the latest internet/broadcast TV hybrid product, should also provide a boost in this area.

There was net cash of £13.1m at the end of May 2010.

There is an order book of 250,000 units, which equates to £21m of revenue. This order book prompted house broker FinnCap to increase its full year revenue forecast by nearly one-third to £47m. That should generate an underlying profit of £500,000. That could treble to £1.5m in 2010-11.

Support revenues are set to increase on the back of the increased number of units in use.

At 44.5p a share, Amino is valued at £25.8m.

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