StockMarketWire.com - Hong Kong based surveillance system supplier UniVision said it expected to report a substantial fall in annual profit due to political unrest in the Chinese territory and the Covid-19 crisis.

The company had in December reported reduced revenues and margin for the first half due to disruption caused by protests against an anti-extradition bill in Hong Kong.

'Unlike the hotel, travel, catering, retailing sectors, Covid-19 has not seriously affected the company's business,' UniVision said.

'Nevertheless, the outbreak and effects of coronavirus in Hong Kong since January 2020 has further hindered installation plans which has slowed the group's anticipated recovery in the second half of the year.'

'Whilst unaudited revenue and profits have recovered when compared to the first half of the year, the directors expect the full year results still to be substantially lower than the year to 31 March 2019.'

UniVision said the new financial year had started 'very well', with existing installation work getting more back to its expected levels and the award of new contract work.

'With revenues underpinned by the major contract and better sub-contractor cost visibility with China Rail as a partner, the directors are confident of a return to growth in the current financial year and look forward to reporting on progress with the final results,' the company said.


At 2:56pm: [LON:UVEL] Univision Engineering Ltd share price was +0.3p at 1.45p



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