26/10/2001
Bureau de change and loyalty card play Universe said its Master Change business was suffering from tourists staying away following the events of 11 September, but it is confident full year profits will be 'comfortably ahead of last year'. Chairman Ray Mackie said recent atrocities were 'restraining the rate of growth in the Master Change bureaux de change business. There is evidence of sharp reduction in the numbers of American and other visitors to the city'. The company operates 12 'Master Change' shops in Paris, its most important market. In the first 21 days of October, Parisian Master Change transactions rose by 7.2%. However, transaction numbers would have been down but for new shops opened since October 2000. Like-for-like transactions for October were 17% down with new shops stripped out. Investors needn't panic too much, however. HTEC, its loyalty card and EPOS systems arm and First Remit, its cash transfer business, are performing in line with management expectations. And group sales were 28.6% ahead of last year in the third quarter to 30 September at £17.7m. House broker Teather & Greenwood will be looking for pre-tax profits of £2.8m when the group reports in February. At the bell, the shares were unchanged at 39p against a 52-week high of 53.5p and a 30.5p low, valuing the business at £11.3m.
| Market cap: | £11.26m |
| PE Forecast: | n/a |
| Share price: | 39p |
| AIM | £2.58m |
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| Other company articles: |
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| 15/08/2007 |
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