final results4 Apr 2013 09:36
Final results for the year ended 31 December 2012
Universe Group PLC (AIM: UNG), a leading developer and supplier of payment and on-line loyalty systems, today announces its audited results for the year ended 31 December 2012.
Highlights
· Strong results following introduction of new management team in 2011
· Sales from continuing operations up 13% to £11.9m (2011: £10.5m)
· Operating profit on continuing operations up 27% to £1.23m (2011: £0.96m)*
· PBT on continuing operations up 47% to £1.01m (2011: £0.69m)*
· EBITDA up 19% to £2.15 million (2011: £1.82 million)*
· Statutory retained profit of £0.82 million (2011: loss of £1.03 million)**
· Basic EPS from continuing operations more than doubled to 0.71p (2011: 0.30p)
· Net cash inflow from operations up almost 2.5x to £2.08m (2011: £0.84m)
· Equity placing at 2.3p per share raised £1.53 (net) and loan notes raised £0.2m
· Net debt at 31 December 2012 almost eliminated, at £19,000 (2011: £1.76m)
· Sale of Manufacturing Division in December 2012 - completed repositioning of the Group
· Major investment programme commenced to refresh and enhance product offering
· Solid platform established for continued progress in 2013
* From continuing operations (2011: Before exceptional costs of £0.38 million comprising restructuring costs).
** 2011 figure stated after exceptional costs of £1.64 million mainly comprising goodwill impairment of £1.23 million and restructuring costs of £0.41 million.
Unless specified otherwise, all references to operating profit and profit before tax throughout this announcement exclude the current and prior year losses from discontinued operations.
Robert Goddard, Chairman of Universe, commented:
"These results are Universe's first full financial year of trading under the new management team and I am delighted that they show double digit growth in sales, operating profit and profit before tax from continuing operations. In addition, a successful fundraising in August strengthened the Group's balance sheet and enabled us to commence a major investment phase to develop our product offering.
We are now in a transformational phase involving the acquisition and development of new products to equip the Company to better address its existing markets and move into new ones.
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