Tendering suspension lifted and trading update

RNS Number : 7480A

UniVision Engineering Ltd

31 May 2019

 

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

For immediate release: 31 May 2019

UniVision Engineering Limited

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

 Temporary tendering suspension lifted and trading update  

UniVision (AIM: UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed-circuit television (CCTV) and surveillance systems, and the sale of security related products, announces that, further to our announcement dated 12 March 2019, the Company has now received official confirmation from the Hong Kong Government Works Branch that the Group's temporary suspension from tendering for public works contracts has been lifted with immediate effect.  　

As we had mentioned in the Chairman's Statement in the 2018 Annual Report, as a result of the significant increase in work from the MTR Corporation ("MTRC") contract, the Group had been, until now, temporarily suspended from tendering for additional new government contracts by the Hong Kong Government Works Branch under the management of Electrical and Mechanical Services Department ("EMSD").

Trading update

The Directors are also pleased to announce that the progress reported in our interim results, in December 2018, has continued into the second half of the year as the Directors had expected.  The Group has benefitted, for the first time, from a full year's contribution from the MTRC contract and we expect to report revenue and profits, for the year ended 31 March 2019, to be substantially ahead of last year, when we publish our final results in August 2019.

Stephen Koo, Chairman commented:

"Whilst the effect of this temporary suspension had been insignificant given the Group's current workload, especially with the MTRC contract, we are delighted to be in a position to tender for additional Government work once again.  Given the MTRC contract, this has been a very busy period for UniVision and we look forward to reporting our final results in August."

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]
SPARK Advisory Partners Limited                                        (Nominated Adviser)	Tel: [phone]
Mark Brady / Neil Baldwin	www.sparkadvisorypartners.com
SI Capital Limited (Broker)	Tel:  [phone] www.sicapital.co.uk

Nick Emerson

 

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