16th Nov 2021 11:09
(Alliance News) - Universe Group PLC on Tuesday said it has secured a GBP4.4 million contract that could lead to an "outperformance" of expectations for the current financial year.
Shares in the company were up 9.8% at 5.05 pence on Tuesday morning in London.
The Southampton, Hampshire-based retail management solutions, payment and loyalty systems provider has entered into an agreement worth around GBP4.4 million. It will supply outdoor payment terminals to a "major existing retail customer".
Universe Group said that revenue for the contract will be "recognised on delivery", though the timing for this still needs to be discussed.
Nonetheless, the company notes that the associated revenue and profit could positively impact existing expectations.
"This contract will deliver either an outperformance to our expectations for this financial year or, dependent on timing and the outcome of other customer proposals, provide a firm foundation as we enter the next financial year. We remain a business committed to a transition to a software as a service model focussed on recurring revenues and look forward to reporting further progress in that regard in due course," Chief Executive Neil Radley said.
By Abby Amoakuh; [email protected]
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