Amino Technologies share struggle as profits decline sharply

AIM-listed media technology firm Amino Technologies (LON:AMO) saw its share price drop by 4.25% to 128.30p (as of 15:40 GMT) after revenues for the year ended 30th November fell by 13%. Statutory pre-tax profits were down by 44% as the company transitioned towards software and service provision.

Chairman Karen Bach commented: “Amino has emerged from 2019 as a high growth software and services business serving the full spectrum of the media technology market. Our fundamental shift reflects a transition in our market, and positions us to satisfy the rapidly growing needs of consumers across online video, broadcast and Pay TV services. Our acquisition of 24i has been an important part of this shift, offering us a market leading position in delivering modern video experiences, exciting growth opportunities, and a good strategic fit with our existing AminoTV offering. Our financial performance in 2019 was strong, with results in line with expectations, excellent cash generation and improved quality of earnings following our successful transformation programme in the first half of the year“.