2018 results in line, transformation announced
Amino has announced FY 2018 results in line with our revised
estimates. Cash performance remained solid and was accompanied
by a 10% YoY increase in DPS. Management has also re-affirmed its
intention to maintain the dividend at the current level until FY2020E.
With market conditions remaining challenging, Amino has announced
a three-pronged transformation program focussing on increased
software and services sales, reducing exposure to commodity
hardware and delivering annualised $5m operating cost savings. We
make revisions to estimates following the announcement which
reflect the organisational resizing.