Universe Group stocks (LON:UNG) fell 11.27% on Monday as the group shared trading updates through December 31, 2020.
Revenues for the second half of the year are expected to coincide with revenue recorded in the first half of the year, depending on the development of materials projects where work is underway.
“While revenue from this project is expected to be recognized in the first half of 2021, investment in the project must be recognized this year,” the group said in a statement.
Amidst the uncertainty and community-related costs in Brexit, Universe Group is confident and hopes to report a modest level of annually adjusted EBITDA profitability.
Jeremy Lewis, the company’s CEO, commented: We are working on a small number of high value projects and focus on repetitive business at a critical level. We have a resilient financial position and are cautiously optimistic about our outlook for next year. We look forward to providing more updates as the New Year progresses. ”
Universe Group Shares (LON:UNG) is currently trading -13.88% at 3.66 (1145GMT).
