13th Apr 2015 07:56
LONDON (Alliance News) - Universe Group PLC Monday said pretax profit rose in 2014, boosted by the integration of acquisitions it made in 2013 and the roll-out of new products, and expressed confidence for 2015.
The provider of point of sale, payment and loyalty services, primarily in UK petrol forecourts, said pretax profit was GBP1.8 million, up from GBP1.2 million in 2013, as revenue rose to GBP20.7 million from GBP15.9 million, although this was partly offset by a reduction in gross margin.
The company rolled out its new outdoor payment terminal during the year and continued to expand the installed base of its GemPay payment terminals. Whilst this helped drive revenue, the shift in product mix towards the lower margin outdoor payment terminals reduced gross margin to 31% from 35%.
Universe says that it expanded from its historically strong presence in petrol forecourts into the larger market of convenience stores. It is now reviewing further markets and considering opportunities to expand geographically.
"With new products gaining acceptance from our expanded customer base, we are confident that the pleasing progress that has been made so far can be continued," the company said in a statement.
"Under our new CEO, who joined Universe in 2013, the group has increased its rate of product innovation, raised its service levels and successfully managed the roll-out of a series of technically complex projects for key customers. We look forward to 2015 and beyond with confidence," said Chairman Robert Goddard in a statement.
Shares in Universe Group are trading up 1.9% at 7.90 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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