nice5 Sep 2017 09:47
Annual Results to 31st March 2017:
https://uk.advfn.com/stock-market/london/univision-engineering-UVEL/share-news/UniVision-Engineering-Ltd-Final-Results-FY2017/75573020
Turnover from continuing operations in the year increased by 8.6% (*underlying rate) to GBP4.8m (2016: GBP3.87m). This increase was mainly due to the 13% growth in construction contracts.
The new major contract with MTR Corporation Limited ("MTRC") in Hong Kong awarded in May 2017 is a milestone for Company. The Board expects that the Company will achieve substantial growth in the business in the coming years.
In maintaining its dividend policy, the Board declares a final dividend of 0.41 HK cents (gross) per share for the financial year ended 31 March, 2017 (2016: 0.41 HK cents)
NEW MAJOR CONTRACT WITH MTRC
As announced on 12 May 2017, the Company won a major contract valued at HK$389.4m (GBP38.1m) with MTRC following a tender process.
The contract provides for the replacement works of the Closed Circuit Television (CCTV) systems for numerous railway lines of MTRC.
The Company 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 2017 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 financial year ending 31 March 2018.
Currently, the Company is working on the design stage, including the system-level design.
The first billing to the customer is expected in the 4(th) calendar quarter of 2017. The Company has solid and proven experience in installing CCTV systems.
The Board is confident that the Company will be able to fulfill all requirements under the contract in a professional manner.
The profit from the continuing operations attributable to the equity holders of the Company is GBP452K (2016: GBP138K).
i) 13% growth in the income from construction contracts;
The Group generated positive net cash of GBP409K from its continuing operating activities in the year (2016: GBP61K cash outflow).
The Hong Kong company, in which the continuing operations are based, has no bank loan and maintained a cash balance of GBP1.19m at the year end.
The net working capital at the year-end was GBP2.5m (2016: GBP1.8m). The Directors attribute this to close monitoring and effective control of working capital.
Updated 05/09/2017
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