Unisync Corp Q1 FY20: UGL segment revenue up 43%

Unisync Corp, a provider of work wear, personal protective apparel and image apparel, reported 45 per cent rise in its revenue to $27.7 million in second quarter (Q2) FY20 ended on March 31, 2020. UGL (Unisync Group Limited) segment revenue in Q2 grew 43 per cent to $22.8 million due to continuation of the US launch of new corporate imagewear. 

 

Unisync Corp, a provider of work wear, personal protective apparel and image apparel, reported 45 per cent rise in its revenue to $27.7 million in second quarter (Q2) FY20 ended on March 31, 2020. UGL (Unisync Group Limited) segment revenue in Q2 grew 43 per cent to $22.8 million due to continuation of the US launch of new corporate imagewear. #

Net income for the quarter was $0.6 million compared to loss of $1.3 million in Q1 FY19. Net income was reportedly impacted by a buildup in company’s professional sales staff and significant non-recurring costs associated with upgrading their various systems to accommodate the company’s growth opportunities domestically and in the US.

 

Unisync Corp, a provider of work wear, personal protective apparel and image apparel, reported 45 per cent rise in its revenue to $27.7 million in second quarter (Q2) FY20 ended on March 31, 2020. UGL (Unisync Group Limited) segment revenue in Q2 grew 43 per cent to $22.8 million due to continuation of the US launch of new corporate imagewear. #

The performance during the quarter was impacted by Covid-19 pandemic especially UGL’s large managed apparel programmes with its major airline customers, who announced substantial reductions in flights in conjunction with staff layoffs. 

 

Unisync Corp, a provider of work wear, personal protective apparel and image apparel, reported 45 per cent rise in its revenue to $27.7 million in second quarter (Q2) FY20 ended on March 31, 2020. UGL (Unisync Group Limited) segment revenue in Q2 grew 43 per cent to $22.8 million due to continuation of the US launch of new corporate imagewear. #

In addition, UGL’s hospitality sector customers, including amusement parks and casinos, were also severely impacted by the mandated shutdowns. Further, Unisync suggested that the employee layoffs in these industries will have an immediate and proportional effect on the company’s revenues from corporate imagewear during the shutdown period and for some time thereafter.  

 

Unisync Corp, a provider of work wear, personal protective apparel and image apparel, reported 45 per cent rise in its revenue to $27.7 million in second quarter (Q2) FY20 ended on March 31, 2020. UGL (Unisync Group Limited) segment revenue in Q2 grew 43 per cent to $22.8 million due to continuation of the US launch of new corporate imagewear. #

Company also outlined  in its earlier update that the necessity of Personal Protective Equipment (PPE) will stay for a longer duration and which haas created a multi-billion-dollar market opportunity solely in protective masks for Unisync. As a result of the progressive build-up in PPE firm orders and prospective transactions in both Canada and the US, company continues to believe that Unisync is well positioned to capitalise on these very substantial PPE opportunities to offset, and eventually potentially exceed, the reduced volume of uniform sales expected from customers in the transportation, hospitality and service industries while they ramp back up to more normal levels of activity.