British fintech company Universe Group (LON:UNG) recorded a fall in profit in its most recent figures, after contract delays weighed.

The point-of-sale technology provider saw pre-tax profit fall to £0.63 million, down from £1.83 million in 2016, as revenue dropped to £19.6 million.

The company design, build, install and support systems in 5,700 retail and petrol forecourt sites, processing over 6 billion transactions each year in our data centres.

“We have had a solid start to 2018 with a two-year contract extension with a large food retailer client as well as the prospect of new business from a major international forecourt operator with whom we have not traded before,” chief executive Andrew Blazye said.

“Our pipeline remains solid and supports our budgeted turnover, with the exception of the significant uncertainty regarding our contract with Conviviality, which represents approximately £2m of our pipeline revenue for the current financial year.”

Universe Group (LON:UNG) shares sunk 7.09 percent at 5.11 (0915GMT).