13th Feb 2017 09:45
LONDON (Alliance News) - Vending machine supplier Uvenco UK PLC said Monday it is reducing its debt and expects to be earnings positive over a nine-month period.
Uvenco said its revenue for the nine months to December 31 was GBP10.3 million, following a change in its year-end to the end of December instead of the end of March. Uvenco also said it expects to be positive on an earnings before interest, taxes, depreciation and amortisation basis over that period.
Uvenco's secured borrowings dropped by over half to GBP1.2 million from GBP2.5 million over the period, following a refinancing in August. Post-period, Uvenco UK agreed a GBP410,000 loan from Russia's Uvenco Group.
The company noted since the period end it has completed the sale of its premises at Corby for GBP328,000, of which GBP240,000 was used to reduce its borrowings. It is also marketing its Drinkmaster property at Liskeard on a sale and leaseback basis, with a price of GBP625,000 and the proceeds to be used to further reduce debt.
Uvenco added it is exploring further refinancing options to reduce the interest costs of its debt.
Shares in Uvenco UK were untraded at 3.70 pence Monday morning.
By Adam Clark; [email protected]
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