We were left with more questions than answers after Amino Technologies (AMO) released its latest set of results. As the Aim-traded designer of internet-enabled set-top boxes forewarned in a disappointing November trading update, turnover fell 14 per cent in the year ended 30 November 2013, yet continued cost-cutting and improved margins allowed the company to grow operating profits before exceptional items by 17 per cent to £3.3m, from £2.8m the year before.
Amino's substantial cash pile rose slightly as a result to £19.5m from £18.2m at the half-year mark. This allowed the company to hike its final dividend by a sixth to 3.45p a share, while promising to increase it by the same amount this year to take the forward yield up to a tasty 4.4 per cent. Due to a broader shift towards selling lower specification products, however, analysts expect turnover and profits to be largely flat year on year in 2014. A return to mid-single-digit earnings growth is, nevertheless, pencilled in for 2015 when new products go on sale.
