Published on: June 6, 2018
H1 18 impacted by seasonality, FY guidance maintained
In our view Amino’s trading update, while highlighting the expected return to normal seasonal phasing, also has positive implications for profitability. Against a backdrop of higher input prices, particularly in the memory market, and lower yoy H1 revenue, full-year 2018 guidance is unchanged. To us this signals management’s confidence in the outlook for margins. Revenue visibility improved during H1 18, and the order book remains strong, although reported revenues were lower. The group continues to make progress in high-margin software sales. We leave earnings estimates unchanged following the announcement.