Cambridge UK technology company Amino is on course to hit forecasts for full-year profitability after bouncing back into profit for the first six months to May 31.Year-on-year the specialist in digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, has gone from a loss of £0.4m in H1 2011 to an operating profit of £0.2m this time.
Gross profit was up 19 per cent to £7.1m and EBITDA (earnings before interest, taxes, depreciation, and amortisation) more than doubled to £1.8m.
The company also reports an increase in cash balance to £13.9m (H1 2011: £11.6m) driven, it says, by continued margin focus, tight cost control and strong working capital management
Amino said it saw encouraging traction from new target customers and markets added to repeat orders from long-term customers in Western Europe and North America.
Amino says it is also in advanced dialogue with a number of potential first-time customers in potential new markets. It also reports signs of positive momentum re-building in Eastern Europe.
The company says that product innovation and development continues. It has high hopes, backed by consumer interest, in the world-first hybrid/OTT media gateway, powered by the next generation 32nm Intel® Atom™ system-on-chip – launched at CES in January.
A new technology office has been established to drive the direction of future product development. Amino said it continued development of an advanced, lower price point OTT product due for launch in 2013.
Non-executive chairman, Keith Todd, said: “In the first half we have continued to see the benefits of the hard work and encouraging, profitable performance delivered by the Amino team last year.
“We have maintained good progress in our core markets, both in Western Europe and in North America, where our partnership network continues to grow. Our investments in new products are also improving our competiveness and opening up opportunities for growth in new markets.
“Looking ahead, we will continue to focus on solid execution right across the business from sales to supply chain. The positive traction we have seen in this first half has continued since the period end, underpinning the board's confidence in meeting its profitability expectations for the financial year as a whole.”