25th Sep 2019 11:06
(Alliance News) - Universe Group PLC on Wednesday expressed confidence for the remainder of 2019 and beyond following double-digit profit growth in the first half.
The financial technology company said pretax profit for the six months to the end of June rose by 41% to GBP181,000 from GBP128,000 a year prior, as revenue increased by 7.3% to GBP9.9 million from GBP9.3 million.
Universe said like-for-like revenue growth in the first half was 2.5%, with a three-month contribution from Celtech. In April, Universe bought a 95% stake in Camden Technology Investments Ltd, trading as Celtech, for EUR4.5 million in cash and 22.8 million shares.
The organic increase in revenue came mainly from data services, up 29%, boosted by an undisclosed customer's ongoing managed service security project.
Looking ahead, Universe said it has secured further contracts with two existing major clients, while the company's payment and loyalty operations continue to perform well.
"We are encouraged to see that revenue across the group's activities for the first half show both organic and acquisition driven growth on the same period last year," said Non-Executive Chair Andrew Blazye.
"We are confident that, with the investments we have made into the business, we are well positioned for growth in 2019 and beyond," added Blazye.
Universe shares were trading 2.4% lower on Wednesday in London at 4.76 pence each.
By Evelina Grecenko; [email protected]
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