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Universe Group

  • BY: Andrew Hore |
  • POSTED: 04/04/2012 |

Universe Group’s new chairman Robert Goddard says that the retail and loyalty systems supplier “has largely recovered from the difficulties of the last few years”.

He adds that Universe will have to refresh its product range this year. This won’t have a significant effect until 2013.

Stephen McLeod became chief executive last May. In 2011, revenues were 7% higher at £12.1m but that masks a much better second half. Underlying pre-tax profit from continuing operations improved from £500,000 to £574,000 but that was before £1.64m of write-offs and restructuring costs. 

The core HTEC payment systems business grew revenues by 4% to £10.5m but gross margins were lower due to a change in product mix. Reduced overheads more than made up for that margin shortfall.

Contract electronic manufacturing revenues grew by one-third to £1.6m even though it lost a higher margin repairs contract. The division lost £401,000 but the outlook is more positive.

NAV is £11.6m at the end of 2011 and net debt was £1.76m.

At 2p a share, Universe is valued at £2.29m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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