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UniVision Engineering Ltd - Hong Kong-based CCTV supplier - Reports delayed final results for the year ended March 31, 2022. Says revenue fell by 64% to £3.9 million from £10.9 million the year prior mainly due to the expiry of several maintenance contracts and the delay of several project deliveries. Pretax loss totalled £10.3 million, swinging from a pretax profit of £563,000 before. Company is considering and negotiating a number of financing measures to improve its liquidity and financial position. After reviewing cash flow projections prepared by management, company feels it has sufficient working capital to finance its operations and meet its financial obligations over the next 12 months. Continues to negotiate with MTR Corp over termination of its contract for alleged breach of contract which company disputes. Explains the termination of the contract would represent a significant loss of future revenue and profit for the company. However, says company would be able to re-deploy resources from this contract to other projects to mitigate this reduction. Calls for meetings with MTR Corp to discuss outstanding amounts and to quantify unbilled work. Current stock price: Suspended at 0.225 pence Copyright 2023 Alliance News Ltd. All Rights Reserved.
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