nice5 Sep 2017 09:49
UVEL UniVision Expects "Substantial Growth" As Annual Profit, Revenue Rise By Alliance | Mon, 4th September 2017 - 18:09
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LONDON (Alliance News) - UniVision Engineering Ltd on Monday reported growth in profit in its last financial year and said it expects to achieve "substantial growth" going forward.
The Hong Kong-based surveillance systems supplier said pretax profit in the year ended March 31 grew to GBP425,000 from GBP138,000 the year before, as revenue rose to GBP4.8 million from GBP3.9 million.
UniVision said revenue growth was mostly due to a rise in construction contracts, while profit was also helped by an improved gross margin for maintenance contracts, a gain from the disposal of its Taiwanese subsidiary, and the strength of the Hong Kong dollar.
The company said it expects to achieve "substantial growth in the business in the coming years", after signing a "major" contract worth GBP38.1 million in May with MTR Corp Ltd, which it said was a milestone for the group.
The contract provides for the replacement works of the CCTV systems for numerous railway lines of MTRC. UniVision will replace the existing analogue CCTV system installed in the stations along the specified lines with a unified IP-based CCTV system.
The contract commenced in mid-May and the completion date for the replacement works is anticipated to be in November 2023. The board expects revenue from the project to be generated in the current financial year.
UniVision proposed a final dividend of 0.042 pence, which is flat year-on-year.
"The board expects that the high demand for its network and high definition security and surveillance system will provide the ground for the company to grow in these markets. With regard to resources and capacity, the company continues to tender for new contracts. Some major infrastructure projects, such as the Hi Speed Rail Hong Kong line, are due to be completed in the coming years, therefore the board is confident with the prospects for business growth," Executive Chairman Stephen Sin Mo Koo said.