Downturns can be times of opportunity for technology companies, particularly if you have cash in the bank and a sound balance sheet.
Cambridge-based Amino is a case in point. It has reported a sound second half of the year and expects to report full year results in line with expectations.
Last week, the Internet TV system design firm completed its acquisition of Tilgin AB's IPTV set-top box division. This strategic move will significantly increase Amino's scale and provide access to important new software.
Amino is financing the £2.5m deal from cash resources which at 31 May 2008 stood at £19m.
"I am pleased with the strategic progress we have continued to make this year, sensibly adding scale and propositions to our offering whilst not compromising on driving organic growth in our business," said CEO Andrew Burke.
Amino has continued to sign new customer agreements during the year and these agreements have seen the Group move both into new geographies and new vertical markets.
It has also entered into a license agreement with MPEG LA's MPEG-2 Patent Portfolio License (PPL). This will provide Amino and other licensees with access to MPEG-2 video and systems patents owned by other patent holders.
Filtronic is another company with cash in the bank. Although, unlike Amino, much of this cash came from a single business sale.
Filtronic's disposal of the UK defence business was completed in August. The initial consideration received was £13m although a small working capital adjustment payment of around £0.3m is likely to be made to the purchaser in the second half year.
The cash balance at 30 November 2008 was £15.7m.
Filtronic, which had been but is no longer the target of private-equity company Carlyle Group, was happy with first half results, but warned of a weaker second half on the back of the industry-wide slowdown in infrastructure spending while achieving cash neutrality.
Filtronic paid a second special dividend of 40p per share (£29.7m) to shareholders on 24 November.
See also: Credit Crunch: Semiconductor light amid economic gloom, in which Electronics Weekly highlights some recent stories that run counter to the prevailing industrial outlook.