Universe Group inks three-year contract extension with UK supermarket

Retail management solutions group Universe has secured a three-year extension to an existing contract with an unnamed "major UK based supermarket".

Universe said on Friday that the extension to the contract, which covers the provision of forecourt payment capabilities, provided the group with further visibility over future revenues.

The AIM-listed group highlighted that the contract extension came hot on the heels of the recent five-year extension of an existing contract with a "major international oil and gas group" and provided the firm with "a positive outlook" as Covid-19 restrictions looked to ease further over the coming weeks.

Outside of the contract extension, Universe stated that it has continued to trade in line with expectations so far in the trading year.

Chief executive Neil Radley said: 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."

As of 0955 BST, Universe shares were up 2.87% at 5.20p.