Preliminary results announced for year ended 31st December 2009
Wednesday 28th April 2010
Universe Group PLC UNG.L the AIM listed retail and loyalty systems group today announces its preliminary results for the year ended 31st December 2009.
Highlights
- Revenue decreased 12.5% to £14.49 million (2008: £16.56 million).
- Increased gross margin percentage to 36% (2008: 33%) driven by improved sales mix and cost reductions.
- Loss after tax of £0.50 million (2008: loss of £0.35 million)*
- Operating profit before exceptional items up 45% to £0.75 million (2008: £0.52 million)**
- EBITDA before exceptional items up 53% to £1.85 million (2008: £1.20 million)**
- Statutory operating loss of £0.15 million (2008: loss of £0.11 million)
- Significant contract extension in Petrol Forecourt Solutions division
* After exceptional costs of £1.0 million, mainly comprising restructuring costs (2008: After exceptional costs of £0.6 million mainly comprising restructuring costs.).
** Before exceptional costs of £0.9 million mainly comprising restructuring costs.(2008: Before exceptional costs of £0.6 million mainly comprising restructuring costs.).
Unless specified otherwise, all references to adjusted operating profit and adjusted profit before tax throughout this announcement exclude the exceptional costs disclosed in ** above.
John Scholes, Chairman, commented:
“As reported in the interim results, 2009 has seen a period of weak demand from our major customers and this has been a difficult back drop against which to continue the transition of the Group from manufacturer to solutions provider. Nevertheless, despite the poor economic climate, I am delighted to be able to report that the benefits of this transition have allowed the Group to show improved underlying profitability despite reduced turnover. The challenge for 2010 is to return the Group to a position of turnover growth whilst maintaining that increased underlying profitability. Progress in winning new business is being made in all four divisions of the Group and coupled with the restructuring that has already occurred, turnover growth would provide the Group with a firm foundation for future enhanced profitability.”
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For further information, please contact:
Universe PLC - John Scholes, Chairman or Paul Cooper, Chief Executive T: 02380 689 510
Arbuthnot Securities (Nominated Advisor) - Tom Griffiths T: 02070 122 000
Tavistock Communications - John West or Andrew Dunn T: 02079 203 150