Trading update, board changes & notice of results
9 December 2019
AMINO TECHNOLOGIES PLC
("Amino", the "Company" or the "Group")
Trading update, board changes and notice of results
In-line results with strong operating cash performance
Amino, the technology provider for modern TV experiences, announces a trading update for the year ended 30 November 2019 ("FY 2019").
The Group expects to report trading performance in line with market expectations. The Group continues to deliver excellent operating cash flows, with a net cash position of $1.4m at 30 November 2019 (30 November 2018: $20.3m) reflecting the impact of the 24i acquisition and dividend payments.
The integration of 24i, the online video specialist which the Group acquired in July 2019, is complete and 24i continues to make good operational progress. Today, Amino and 24i have announced their first joint contract, an agreement with Youfone (Dutch mobile virtual network operator) to provide a fully integrated, end-to-end video solution to refresh and expand its TV and OTT offering. Youfone will deploy an end-to-end solution that combines Amino's IPTV and TV Everywhere expertise with 24i's leadership in video experience design and application development.
Additionally, on 25 November 2019, the Group signed a new three-year $15 million multi-currency revolving credit facility with Barclays to replace its previous facility which was due to expire in July 2020.
In recognition of 24i's strategic importance to the future growth of the Group, Joachim Bergman, currently co-CEO of 24i, will join the Board, effective today in that capacity and as an Executive Director. Joachim joined Amino as SVP Cloud Services in September 2017, having spent over 20 years working in the telecoms and media sector, latterly for Ericsson. In 2019 Joachim's team successfully delivered the design and implementation of AminoTV's first multi-tenant online video solution. Joachim is jointly responsible, alongside 24i co-founder and co-CEO Martijn van Horssen, for driving 24i's continued growth opportunity in the online video sector.
As part of these changes, Steve McKay and Michael Clegg will step down from their non-executive board roles effective today. The Board now comprises three Executive Directors and three Non-Executive Directors, including the Non-Executive Chairman.
Notice of results
The Company will announce its full year results in February 2020.
Karen Bach, Chair of Amino, said:
"Amino continues to deliver excellent operating cash flows and expects to report a strong performance, in line with market expectations, supported by a net cash position. With the integration of 24i into the Group now complete, we look forward to accelerating our evolution to higher margin software and recurring revenues. It is particularly exciting to announce our first joint customer deployment since the Amino and 24i companies came together earlier this year. I would like to extend the Board's thanks to Steve McKay and Michael Clegg for their contribution to our progress and transition in recent years."
For further information please contact:
Amino Technologies PLC
+44 (0)1954 234100
Donald McGarva, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
finnCap Ltd (NOMAD and Broker)
+44 (0)20 7220 0500
Matt Goode / Carl Holmes / Simon Hicks (Corporate Finance)
Tim Redfern / Richard Chambers (Equity Capital Markets)
FTI Consulting (Financial communications)
+44 (0)20 3727 1000
Jamie Ricketts / Chris Birt / Gregory Hynes
Additional Information in respect of the AIM Rules:
The following information regarding the appointment of Joachim Bergman (age 46), is disclosed under Schedule 2(g) of the AIM Rules for Companies.
Current directorships and / or partnerships:
Former directorships and / or partnerships (within the last five years):
About Amino Technologies plc
Amino Technologies plc is a new breed of Media Tech business, focused on enabling operators to meet the challenge of the rapidly converging worlds of broadcast and next-generation streaming services. We believe the operators that will succeed will be those that allow consumers to control how, when and where they "watch TV" and consume video. The smart operator will enable each consumer to define what TV means to them.
It's our mission to anticipate the technological and consumer behavioural trends so that we can keep on creating the solutions that enable operators and media companies to drive growth in engagement and profitability while embracing the inevitable disruption to the video market.
The Group meets these challenges through combining its award-winning IP/cloud platforms and deep deployment expertise to create solutions that enable our customers to design and deliver innovative and profitable next-generation video experiences.
Amino Technologies plc consists of two operating companies providing transformational media experiences: Amino Communications, with TV-centric solutions and 24i, focused on streaming and OTT experiences.
Since foundation, Amino Technologies has been committed to the power of IP and how it transforms the TV experience. Our commitment is to harness the most relevant technologies and actionable data to continually create the very best video platforms and experiences.
24i and Amino Communications are wholly-owned subsidiaries of Amino Technologies PLC which is listed on the London Stock Exchange Alternative Investment Market (AIM: symbol AMO), headquartered in Cambridge, Amino has offices in New York, Los Angeles, San Francisco, Amsterdam, Helsinki, Madrid, Porto, Brno and Hong Kong. For more details, visit https://investor.aminocom.com/
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