Amino to close Swedish office
December 4, 2012 08.30 Europe/London By Julian Clover
Amino Technologies has announced plans to close its Swedish office as part of ongoing cost savings.
In a market update the Cambridge IPTV specialist said it anticipated delivering profit in line with market expectations. It said revenues for the year ended November 20, 2012 could be expected to be approximately £41 million.
On Friday fellow Cambridge firm ANT announced it had been sold to the Canadian Espial for just £5 million.
“Amino’s focus on profitable growth has delivered good results. The Company’s strong cash conversion and cash position underpins the announced multi-year progressive dividend policy. This improved performance is testimony to the focused hard work of the new management team, which has created a strong platform for additional contract wins and profitable growth in the coming year,” said non-executive chairman Keith Todd.
Following the closure of the Swedish office in Kista in January, Amino will focus its R&D operations at its Cambridge headquarters.
Amino expects to achieve net cost savings as well as productivity improvements from single site working.