UNG.L Share News (UNG)

(Sharecast News) - IT services firm Universe Group said on Monday that second-half revenues were projected to be in line with those recorded during the first six months of the trading year.
Universe said revenues from "a material project" for an existing customer were now expected to be recognised in the first half of 2021 but the investment made in the project was to be recognised in the current financial year.

However, despite the delay, the costs of maintaining Covid-19 resilience and an increased level of investment, Universe said it still expects to report "a modest level" of adjusted underlying earnings profitability for the full-year.

The AIM-listed group highlighted that the second half of the year also saw the successful launch of a new payment services client and the integration of its acquisition of Celtech.

Universe also added that it was "well positioned" to meet expected demand from new and existing customers in the coming financial year.

Chief executive Jeremy Lewis said: "We are working on a small number of high-value projects while continuing to focus on a significant level of recurring and repeating business.

"We have a resilient financial position and are cautiously optimistic about our prospects for next year."

As of 1015 GMT, Universe shares had tumbled 13.88% to 3.66p.