Amino Technologies shares (LON:AMO) plunged on Tuesday after the company posted its annual results for the year, disappointing investors.
The global media entertainment and technologies provider said revenue dropped by 7% to $88.9 million, down from $96.1 million reported in 2017.
In addition, pre-tax fell considerably to $8.2 million for 2018, compared to $13.3 million the year before.
Amino Technologies blamed ‘unprecedented macro-economic headwinds’ for its its disappointing annual performance.
Keith Todd CBE, Non-Executive Chairman, commented:
“The Board remains confident in the strength and strategic direction of the Company and has committed to continue its dividend policy for this financial year and maintain this dividend level for at least two years thereafter. The diversity and depth of change in our industry this year has created difficult trading conditions in the short term, however the Company remains well positioned to take advantage of the all IP future, and remains profitable and cash generative.
He also added:
“To support a higher quality of earnings and de-risk the business, we are accelerating our strategy to improve growth in recurring revenues from software and services, reinforce our focus on value-add hardware, and remove our exposure to low margin hardware activities. This will increase the quality of our earnings and our resilience going forward.”
The company suggested a dividend per share of 7.32p, compared to 6.66 in 2017.
Back in October, the firm warned on profits after trade war concerns hit emerging markets and had worried its customers.
Shares in Amino Technologies are currently down -14.34% as of 14:07PM (GMT).
