Amino warns on second half loss

IPTV specialist Amino Technologies has warned of a second half loss after the company experienced order slippage and component shortages. In a statement the company said it expected its financial loss in FY 2009 to be significantly below market expectations.

Orders that were due to have been completed have not yet closed and are now expected to come to fruition in 2010. At the same time, the company has been suffering from component shortages, so those orders on the books cannot be completed, and the revenues will not now be recognised in this financial year.

“2009 has been a disappointing year financially, against a backdrop of turbulent and difficult trading conditions for our customers,” said Keith Todd, Amino’s non-executive chairman. “However, we exit the year in better shape than at the half year as a leaner and more focused company that is better positioned to capitalise on the transition to IP-connected devices in the home.  Our strong order intake proves the continuing attractiveness of our products and we are particularly encouraged by the progress we have made in transitioning from MPEG-2 to higher specification MPEG-4 and HD product lines.  We are confident as a Board that we have in place a solid platform for growth in 2010 and beyond.”

The majority of sales are now for MPEG-4 product and despite the problems H2 2009 has become one of the best periods for new orders since the company was created. Bookings from Tele2 in the Netherlands and Pioneer in North America have previously been announced.