27th Jan 2014 11:25
LONDON (Alliance News) - Amino Technologies PLC hiked its dividend Monday, as it saw pretax profit improve despite revenue falling in the year ended November 30, 2013. Amino said revenue was hurt by reduced demand from a customer in Western Europe and relatively more demand for its lower-priced products.
Amino announced a full year dividend of 3.45 pence, up 15% from 3.00 pence in the previous year. It reiterated its expectation to increase its full year dividend for 2014 by no less than 15%.
The digital entertainment software and hardware developer saw revenue of GBP35.9 million, down from GBP41.7 million in the previous year, as one customer took a significant end-of-product-life order in 2012 and as a result will not require any further product until 2015.
Amino didn't name the customer. It said it also saw lower sales in Holland and Italy.
The company saw revenues decline in Russia, due to continued difficulties in that market. In North America, sales remained in line with the previous year, and Amino saw growth in Eastern Europe and Latin America, where its lower-cost, lower-functionality product won a number of tenders.
Amino posted an exceptional cost of GBP800,000 due to the closure of its Swedish research and development office. However, this was offset by two tax rebates worth a total of GBP1.7 million relating to duties paid on previously recognised international product sales.
As a result Amino posted a pretax profit of GBP4.2 million, up from GBP2.9 million in the previous year.
Amino expressed confidence for 2014, saying it expects full-year results in line with expectations, with revenue showing a second half weighting. Amino also said its investment in product development would have a positive effect on revenues in 2015.
Shares in Amino were trading up 3.0% at 92.70 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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