UniVision Engineering Ltd Trading Update (5186A)
September 12 2018 - 1:01AM
UK Regulatory
TIDMUVEL
RNS Number : 5186A
UniVision Engineering Ltd
12 September 2018
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
For immediate release: 12 September 2018
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
Trading update
UniVision (AIM: UVEL), the Hong Kong based group whose principal
activities are the supply, design, installation and maintenance of
closed circuit television (CCTV) and surveillance systems, and the
sale of security related products, announces the following trading
update ahead of the Annual General Meeting to be held in Hong Kong
on 20 September.
Trading in the first four months of the current financial year,
is significantly ahead of the corresponding period last year. The
increase in both revenue and profitability had been predicted by
the Board and had been highlighted in our trading update in April
2018 and again in our final results announcement and the Annual
Report and Accounts published in August 2018.
As we have announced previously, the step change is due
primarily to the major long-term installation contract with the MTR
Corporation ("MTRC") in Hong Kong, which commenced installation in
earnest in January 2018, following testing, having been signed in
May 2017. The current value of this contract is HKD407.3 million
(GBP39.7 million) spread over the period until its planned
completion in November 2023.
Unaudited revenue for the Group, for the four months ended 31
July 2018 is approximately GBP4.5m (4 months to 31 July 2017:
GBP1.5m). There was no contribution from MTRC in the comparable
period last year. The Directors expect this revenue run rate to
continue for the rest of the financial year ending 31 March 2019.
Unaudited profit before tax has also increased significantly over
the same period.
As mentioned in the Chairman's Statement in the 2018 Annual
Report, as a result of the significant increase in work from the
MTRC contract, the Group has been temporarily suspended from
tendering for additional new government contracts by the Hong Kong
Government Works Branch under the management of Electrical and
Mechanical Services Department ("EMSD"). This does not relate to
any MTRC contracts, or any potential future work with MTRC and the
Company remains qualified to tender for new contracts with MTRC if
requested. As we have announced previously, the effect of this
temporary suspension is insignificant given the Group's current
workload, with MTRC in particular, however, the Company is applying
to have this suspension lifted.
The Directors look forward to reporting further on the Group's
progress in our interim results, which we anticipate releasing in
November 2018.
For further information visit www.uvel.com or contact:
UniVision Engineering Limited Tel: +852 2389 3256
Stephen Koo, Chairman www.uvel.com
Chun Pan Wong, Chief Executive Officer
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director Tel: +44 (0)7769 906686
SPARK Advisory Partners Limited Tel: +44 (0)20 3368 3551
(Nominated Adviser)
Mark Brady / Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited Tel: +44 (0)1483 413500
(Broker) www.sicapital.co.uk
Nick Emerson
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END
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