LONDON (Alliance News) - UniVision Engineering Ltd Friday reported an increase in profit, as the group's security and surveillance systems business recorded growth of 22%.
The digital surveillance firm posted pretax profit of GBP2.9 million for the year to March 31, up from GBP241,683 a year earlier. Profit for the year included a GBP2.5 million debt relief gain from a former shareholder, said the company.
Revenue rose to GBP8.9 million from GBP7.3 million. UniVision said this increase was mainly due to the inclusion of the Kai Tak Cruise Terminal contract and growth in maintenance contract income in Hong Kong.
Revenue from the construction contracts division in Hong Kong and Taiwan recorded growth of 21.6% and 27.3%, respectively
Univision said the performance of its Hong Kong maintenance business continues to be "robust." It recoded revenue growth of 59% and improved its profit margin.
Overall, group profit margin fell to 26.4% from 30.8%.
"The major reason for this decrease was the reduction in gross profit from 30% to 22% in the group's construction contracts due to increased material costs, wages and sub-contracting charges during the year," said the company.
Looking ahead, UniVision said it expects growing demand for its network and high definition security and surveillance products will enable the group to continue to "prosper" in the Hong Kong and Taiwanese markets.
The company will pay a final dividend of HKD0.31 cents compared with HKD0.78 cents a year earlier.
The stock was quoted up 46.7% at 1.10 pence Friday afternoon.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Univision (UVEL)