(WebFG News) – CCTV and surveillance firm UniVision Engineering said on Tuesday that, courtesy of a “transformational” year, expected revenue and profits for the year ended 31 March to outstrip those of the previous year.
Throughout the year the Hong Kong based company won a major contract with the autonomous territory's railway company, MTR Corporation (MTRC), for £36.4m at current conversion rates spread over a six year period.
A statement from UniVision said: “The MTRC contract will lead to a step-change in both revenue and profitability of the Group in the short to medium term. Whilst we have seen some benefit in the last three months of the year ended 31 March 2018, it is the current financial year which should be the first to see the full effect.”
In the year ended 31 March, the company invoiced HK$5.1m, leaving a remaining HK$407.3m to be paid over the remaining five and a half years.
“Our existing business, coupled with the long term MTRC installation contract, provides a solid base from which the Group can develop over the next few years; and one which is significantly better than in previous years,” said UniVision.
Further expansion of the business is to be funded by an HK$45m invoice discounting/factoring facility and a HK$8m trade facility from HSBC.
Thus far this additional capital has allowed works on the MTRC contract the run smoothly alongside UniVision's other operations.
The company will release its full financial results for the year at the end of July.
As of 1503 BST, UniVision Engineering Ltd's shares were up 30.30% at 2.15p.