30th Sep 2016 07:39
LONDON (Alliance News) - Uvenco UK PLC on Friday reported a narrowed pretax loss in its last financial year, but revenue fell in a challenging market.
The vending machine operator said its pretax loss narrowed to GBP3.7 million in the year ended March 31 from GBP4.4 million the year before, although revenue declined to GBP15.3 million from GBP16.2 million.
Uvenco said revenue was hit by "persistent challenges" in the market, but that it managed to reduce losses due to a reduction in administration costs.
"The environment for the group continues to be challenging and we remain focused on delivering consistent quality products while managing costs, from "clean, full and working" machines, whenever a purchase is desired. That said, we are convinced that the winners in the vending sector will be those who can harness new technologies such as wave and pay and telematics which will provide us with a competitive advantage," Chairman Jeremy Hamer said in a statement.
"With this in mind, we are encouraged by current trading and look forward to the future with increasing confidence," Hamer added.
Shares in Uvenco were untraded on Friday, last quoted at 5.76 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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