LONDON (Alliance News) - Universe Group PLC Monday said it has bought Retail Service Team Ltd for GBP150,000 in cash, giving the provider of payment and loyalty point processing programmes to fuel retailers a bigger presence in the broader retail sector, and said it's also in other acquisition talks.
Universe, which claims to have its software on over a third of UK petrol station forecourts, said Retail Service Team had revenues of GBP4.1 million in 2012 and net profit of GBP240,000, and expects to book revenues of GBP3 million and remain modestly profitable this year. It provides point-of-sale systems for the broader UK retail sector.
"In order to further extend our market reach and product range, we are continuing our discussions with other potential acquisitions," Chief Executive Jeremy Lewis said in a statement.
Universe Group shares were up 10.6% at 8.1595 pence early Monday, one of the biggest gains on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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