Published on: February 27, 2020

2019 results – strong software performance

Amino has announced FY 19 results in line with our estimates.  Software and services sales grew strongly during the year (+41% YoY) reflecting the transformation programme announced during 2019 and the 24i acquisition. The transition towards a more software- led business model is also benefitting earnings quality, with improved revenue visibility, margins and cash performance. We make no changes to earnings estimates, but believe re-affirmed dividend expectations, alongside positive management commentary on the outlook give grounds for optimism for FY 20E and beyond.  We also include a short comment on the potential Coronavirus impact to the supply chain – there is clearly a challenge, but one which we currently hope can be contained.