Universe Group plc (LON:UNG), a leading developer and supplier of retail management solutions, payment and loyalty systems, has this morning announced a three year extension of an existing contract with a major UK based supermarket involving the provision of forecourt payment capabilities (as previously referred to in the Group’s final results). This material contract extension provides further visibility for the Group over future revenues. As previously indicated, the Group had prepared for its fulfilment by acquiring inventory in anticipation which will now unwind as the contract is implemented.
The contract is in addition to the recent five-year extension of an existing contract with a major international oil and gas group (announced in April) and provides a positive outlook for the Group as COVID-19 restrictions look to ease further in the coming weeks.
The Group has continued to trade in line with the Board’s expectations for the year to date.
Change of Management Roles
The new Chief Executive, Neil Radley and the new Chief Financial Officer, Adrian Wilding both joined the Group on 1 May 2021. Ivan Brooks steps down from his interim position on 1 July 2021 and we thank Ivan for helping ensure a smooth management transition. Ivan continues to be a non-executive director of the Company.
Notice of AGM
As previously notified, the Group will be hosting its Annual General Meeting at 11 am on 29 June 2021 at its offices at George Curl Way, Southampton SO18 2RX. The notice of this meeting has been posted to shareholders together with the Group’s Annual Report. As set out in the notice, the AGM remains subject to social distancing restrictions and limitations and physical attendance at the meeting is not encouraged.
Neil Radley, Chief Executive of Universe Group plc, commented: “The Company has undergone significant internal changes over the last two months and it is good to see that the momentum of the business has not been affected. It is very encouraging to see one of our major retail partners renewing their multi-year relationship with us, a good indication of our standing within the market. Adrian and I continue to review the business and its strategy and we look forward to providing more detailed guidance on the route map at the time of the release of the Company’s interim results in September 2021.”