Contract win

RNS Number : 0166F

UniVision Engineering Ltd

12 May 2017

 

12 May 2017

UniVision Engineering Limited

("UniVision", the "Company" or the "Group")

Contract win

UniVision, the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed circuit television and surveillance systems, and the sale of security related products, is delighted to announce that it has been awarded a major contract by MTR Corporation Limited in Hong Kong.("MTR Corporation").

The contract provides the for the replacement works of the Closed Circuit Television (CCTV) systems for Island Line (ISL), Kwun Tong Line (KTL), Tsuen Wan Line (TWL) ), Tseung Kwan O Line (TKL), Airport Express (AEL), Tung Chung Line (TCL), Disneyland Resort Line (DRL), East Rail Line (EAL), Ma On Shan Line (MOL), West Rail Line (WRL) and 22 stops of Light Rail (LRL), and the provision of new CCTVs for 47 stops of LRL.

The existing analogue CCTV system installed in the stations along ISL, KTL, TWL, TKL, AEL, TCL, DRL, EAL, MOL and WRL and the Internet Protocol (IP) CCTV system installed at 22 stops in LRL will be replaced with a unified IP-based CCTV system.

The total value of the Contract awarded is HK$389.4m (£38.1m).

The Contract commences immediately and the completion date for the replacement works is anticipated to be in November 2023.

The historical financial results of the Company are as follows:

                                                 Sales               Profit before Tax

                                                  £m                          £m

12 months to March 2016          3.87                       0.14

12 months to March 2015          3.68                       0.03

Stephen Koo, the Chairman, commented as follows:

"We have been preparing a long time for this contract award and are delighted to have been successful in the face of competition from other bidders.

We have a long relationship with MTR and have many years' experience in installing and maintaining its CCTV system. I am confident that we will be able to fulfill all requirements under the contract in a professional manner.

I am delighted for our shareholders as the value of this contract is transformative to the Company and I look forward to being able to report on our progress in fulfilling the contract in due course."

For further information visit www.uvel.com or contact:

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Chairman	www.uvel.com
Chun Pan Wong, Chief Executive Officer
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director	Tel: [phone]
ZAI Corporate Finance Limited                                        (Nominated Adviser and Broker)	Tel: [phone]
Dugald J. Carlean /Tim Cofman	www.zaicf.com

 

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