12th Sep 2018 10:54
LONDON (Alliance News) - Shares in UniVision Engineering Ltd surged on Wednesday as it said that revenue for the first four months of the year trebled.
Shares in the closed circuit television and surveillance systems producer were trading 25% higher at 1.88 pence each on the back of the news.
In its annual general meeting statement, the Hong Kong-based company said revenue for the four months to July 31 increased to GBP4.5 million from GBP1.5 million a year prior. Pretax profit also increased "significantly" over the four-month period, the company said.
"The directors expect this revenue run rate to continue for the rest of the financial year ending March 2019," the company added.
Trading in the first four months has been "significantly ahead of the corresponding period last year", the company said, due to a "major long-term installation contract" with the MTR Corp in Hong Kong. MTR runs the Chinese city's mass transit railway.
The current value of this contract is GBP39.7 million, spread over the period until its planned completion in November 2023.
Related Shares:
UVEL.L