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UniVision Engineering Ltd - Hong Kong-based CCTV and surveillance system company - Says contract for the replacement works of CCTV system for MTR Corporation Ltd's railway has been cancelled.
Says MTRC alleges breach of contract, which UniVision contests. Contract was expected to run until July 2024. Firm seeks to resolve the matter with MTRC. Termination date is June 20, ‘but the effect of this will not be immediately apparent as there is a time lag between works being completed and being certified and ultimately paid,’ UniVision explains.
‘Over the period to date it has represented a step-change to the group's long-established business and termination of the contract would represent a significant loss of future revenue and profitability for the group,’ it warns, thought adding it would re-deploy resources from this contract to other projects to mitigate the reduction.
Current stock price: 0.21 pence, down 60% in London on Friday
12-month change: down 75%
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