Amino posts £2.32mn profit for FY07

January 28, 2008 – UK set-top box maker Amino has reported that it achieved a profit of £2.32mn for the year ending November 30, 2007, compared to a loss of £1.59mn for the previous year.

Annual turnover reached £32.25mn, up 27% from the £25.45mn posted the previous year.  Sales of set-top boxes reached 598,000 thousand in the period, compared to 413,000 in 2006.  Partnership agreements announced at the beginning of the year generated £0.86mn in licence and royalty income, Amino added.

The company reported that the return to profit was fuelled by enhanced sales of set-top boxes and a 7% reduction in operating costs.  Gross margins were reported to remain solid at 35.1%, compared to 36.3% for the previous year.

“The board believes that Amino is well placed to continue to grow and maintain a leadership position in IPTV,” said Keith Todd, Chairman of the board for Amino.  “The board and executives are working to improve the financial performance of the business, balancing investment with profitable growth as we strive to establish sustained profitability.”

The company also reported that its board is planning to increase headcount and operating expenses by 10-15% in fiscal year 2008 in order to support the market transition from MPEG-2 to MPEG-4 technology, together with expected forecast growth in business activities.