- Payment system provider Universe Group posted a modest rise in annual profit as its sales ticked higher.

Pre-tax profit for the year through December rose to £836k, up from £779k on-year.

Revenue rose 1.4% to £19.9m, while gross profit margins rose slightly to profit margin steady at 48.2%.

'We have had another profitable year, with continued successful implementation of our current product range,' chairman Andrew Blazye said.

'As an example, our new payment terminal Gempay 3, now has an installed base of 2,930 terminals.'

'The group remains profitable and cash generative, with a high level of recurring revenues and strong cash reserves.'

'We continue to invest in the business with key hires and significant product innovation, which will have clear benefits over the longer term.'

'Supported by the strategic acquisition of Celtech and our new partnerships, we are confident the group is well positioned for significant growth in 2019 and beyond.'

At 8:22am: [LON:UNG] Universe Group PLC share price was +0.45p at 5.45p

Story provided by