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April 13, 2015

Universe outperforms following strong second half

Universe group (LON:UNG) recorded a 31% increase in revenue last year following a strong second half.

The group, which develops payment systems for petrol stations and convenience stores, generated second half sales of £12mln or 36% higher than the first half and 29% better than the same period in 2013.

Full year revenues also exceeded forecasts, at £20.7mln or 15% higher than expected.

A roll-out of its fuel card platform for petrol station owner Valero, known in the UK as Texaco, helped revenue.

Profits rose by 46% to £1.75mln while underlying earnings per share rose more than 18%.

Cash in the company rose to £2mln from less than £1mln even though £1.15mln was spent on product development.

Robert Goddard, chairman of Universe said: “We are delighted with these results. Under our new CEO, who joined Universe in 2013, the group has increased its rate of product innovation, raised its service levels and successfully managed the roll-out of a series of technically complex projects for key customers."

Broker finnCap said: “Universe is well positioned for continued growth in new and established markets.”

It reiterated its 12p price target, 4.25p higher than the current share price. @MasterMetals MasterMetals Blog

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