Amino’s full year results earlier this week showed continued progress, with high quality software and services revenue continuing to increase within the mix. FY’18 has started positively, with two new contract wins post the period end and a strong order backlog and pipeline. We continue to believe that the group’s evolving product portfolio is well aligned with industry trends and the increasing level of recurring revenue should drive a re-rating over time. With multiple medium term growth drivers, and significant balance sheet strength to augment organic growth with earnings enhancing acquisitions, we retain our Buy recommendation and 243p target price.
