(Alliance News) - Universe Group PLC announced on Wednesday a five-year extension to a Europe-wide contract with a major international oil and gas firm.
Shares in Universe rose 17% to 5.50 pence each in London on Wednesday morning.
The extension is likely to 'further visibility for the group over future revenues'. Universe also announced that it is progressing with a separate project for another existing customer, currently in its pilot stage.
The developer and supplier of retail management technology also provided an update on trading in 2020, ahead of its annual results.
Universe said revenue will be in line with expectations. In addition, adjusted earnings before interest, tax, depreciation and amortisation as well as adjusted pretax profit are anticipated to be ahead of previous expectations.
The group is also in discussions regarding a temporary extension of its borrowing facility to support any increase in working capital requirements during the course of ongoing projects.
Universe Chief Executive Jeremy Lewis commented: "Covid profoundly affected many aspects of our daily lives in 2020 and remains with us still. The retail sector felt the impact and so we are pleased to have navigated the pandemic challenges of last year as well as we did.
"It is very encouraging to see our major retail partners renewing their multi-year relationship with us now, a good indication of our standing as their managed service provider of choice."
By Will Paige; willpaige@alliancenews.com
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