FY 18E expectations confirmed
Amino has announced H1 18 results consistent with the June-18 trading update and confirming management’s unchanged FY 18E expectations. As previously signalled, H1 18 financials were impacted by the phasing of orders by a major customer, and management expect the business to return to a more normal seasonality for the full year. Over 75% of expected FY 18E revenues were secured by the end of June-18, together with an order book up 40% YoY and management’s ongoing focus on supply chain optimisation, we see grounds for optimism in the second half outcome. We therefore make no changes to forecasts following the announcement aside from reflecting the adoption of US Dollar reporting by the Group.