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LONDON (Alliance News) - Closed circuit television and surveillance systems producer UniVision Engineering Ltd on Tuesday termed 2018 financial year as a "transformational year" and said that revenue and profit for the period would be ahead of the 2017 financial year figures.
Shares in the company closed up 20% at 1.98 pence each.
The previously announced contract it signed with MTR Corp - GBP36.4 million spread over six years - will "lead to a step-change" in revenue and profitability in the short to medium term, the company said.
During the year ended March 2018, UniVision said the Hong Kong-Macao Bridge Project; Central Wanchaie By Pass Project; the Liantang Traffic Control & Sureveillance System Project; and the Modern Terminal CCTV System Upgrade Project all generated "significant revenue".
The company received first revenue payment from a separate MTR contract in January worth HKD407.30 million, equating to around GBP37.0 million. The contract signed last May was initially worth HKD389.4 million spread over a six year period and since that time the company has secured further add-ons worth HKD17.9 million.
The company expects to release its results for the year ended March 31 towards the end of July.
