14th Jul 2014 08:36
LONDON (Alliance News) - Amino Technologies PLC Monday reported a lower profit for the first half of its financial year, on the back on reduced revenue in the period, but gave a confident outlook for the remainder of the year and increased its dividend.
The digital entertainment company posted a pretax profit of GBP1.8 million for the six months ended May 31, compared with GBP2.6 million in the same period the prior year. The fall in profit was largely due to a drop in revenue, which is now weighted towards the second half of the year, as well as the previous period benefiting from GBP1.7 million in exceptional income from a refund on duties paid.
Revenue in the period fell to GBP16.4 million, down from GBP20.1 million, which the company said reflects a return to its traditional second-half revenue weighting.
Amino Technologies said it continues to see strong demand for lower-specification product. It also said it continues to see a good performance from its US operations, and growing engagement in Latin America and Eastern Europe.
"Amino is well placed to continue its growth strategy, both in existing and new product areas. The board remains confident that results for the full year will be in line with current market expectations," the company said in a statement.
The company has been investing in developing a broader offering in order to speed up its momentum in existing markets and to widen its addressable market. It said it is also now benefiting from a healthy upturn in tender activity.
"Following a period of product refinement and investment we are on track to return to top line revenue growth in addition to continued profit and cash generation in the periods ahead," said Non-Executive Chairman Keith Todd in a statement.
Signalling its confidence, Amino Technologies declared an increase in its interim dividend to 1.15 pence per share, up from 1.00 pence, and reiterated its commitment to pursue a progressive dividend policy for a further two years.
Amino Technologies shares were down 0.5% at 95.00 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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