UniVision profits boosted by 'transformational contract' with MTRC
By Iain Gilbert
Date: Friday 07 Dec 2018
(Sharecast News) - CCTV systems outfit Univision saw both profits and revenues soar in the first half of its trading year, driven by a "transformational contract" with MTRC in Hong Kong.
Profits skyrocketed 391% to HKD $10.6m (£1.06m) thanks to a 187% improvement in revenues of HKD $66.8m (£6.69m).
Univision inked a six and a half year major contract worth £38.9m with MTRC for replacement works on CCTV systems along numerous railway lines in Hong Kong.
Under the contract, the AIM-listed company will replace the existing analogue CCTV system installed in the stations along the specified lines with a unified IP-based system.
Revenues in the firm's maintenance business increased 18% to HKD $7.25m (£726,379), while construction revenues soared more than 1,600% to HKD $43m (£4.3m).
Admin expenses widened 31.9% to HKD $6.2m (£621,179).
Looking forward, chairman Stephen Koo, said: "The high demand for its network and high definition security and surveillance system provides the group with an excellent opportunity for future growth in these markets."
"Our existing business, coupled with the major contract, provides a solid base which the group can develop over the next few years."
As of 1150 GMT, Univision shares had slumped 11.48% to 2.21p.
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