UniVision Engineering Ltd Tendering suspension lifted and trading update (7480A)
May 31 2019 - 4:51AM
UK Regulatory
TIDMUVEL
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: +852 2389 3256
Stephen Koo, Chairman www.uvel.com
Chun Pan Wong, Chief Executive Officer
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director Tel: +44 (0)7769 906686
SPARK Advisory Partners Limited Tel: +44 (0)20 3368 3551
(Nominated Adviser)
Mark Brady / Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited Tel: +44 (0)1483 413500
(Broker) www.sicapital.co.uk
Nick Emerson
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END
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