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Universe posts first-half loss as sales edge lower

By BFN News | 09:10 AM | Tuesday 29 September, 2020


Retail management and payments company Universe posted a first-half loss as its sales edged lower. Pre-tax losses for the six months through June amounted to £0.83 million, compared to a profit of £0.18 million year-on-year. Revenue fell 1.5% to £9.77 million. Adjusted earnings before interest, tax, depreciation and amortistion fell to £0.37 million, down from £1.39 million, largely attributable to impact of Covid-19 on sales mix. 'We are pleased to see our first half revenues hold up despite the effects of Covid-19,' chairman Andrew Blazye said. 'Much work was done in the first quarter to allow the business to continue to operate effectively under the new restrictions whilst still allowing our field engineers to be able to service our clients.' 'We remain, as in the past, a second half weighted business, dependent on a small number of high value projects.' 'Following completed revenues of £9.8 million in the first half, there are further revenues of £12.5 million visible through existing recurring and repeatable revenue contracts and the order book to year end.' 'We are very conscious of the need to fully execute the order book over the rest of the year, however, together with a sound balance sheet showing net cash and undrawn banking facilities, we remain cautiously optimistic for 2020 and beyond.' At 9:10am: (LON:UNG) Universe Group PLC share price was -0.48p at 4.4p Story provided by StockMarketWire.com

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