REG - UniVision Eng Ltd - Tendering suspension lifted and trading update

UniVision EngineeringAnnouncement

31/05/2019 09:55

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                                       
(Nominated Adviser)                              


Tel: +44 (0)20 3368 3551  




Mark Brady / Neil Baldwin


www.sparkadvisorypartners.com
























SI Capital Limited
(Broker)


Tel:  +44 (0)1483 413500
www.sicapital.co.uk



Nick Emerson




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
TSTLIFSTETILVIA