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Mon 29 Jul 2013
Close: 17c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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Revenue from continuing operations grew to R59.7 million (R52.6 million) and gross profit rose to R41.9 million (R36.7 million). Operating profit increased to R4.4 million (R3.5 million). Loss from continuing operations attributable to ordinary shareholders was R779 000 (profit of R3.8 million). Furthermore, headline loss per share from continuing operations worsened to 0.39cps (loss of 0.17cps).
Dividend
No dividend has been declared for the period.
Prospects
Credentialing Services
The criminal record checking service, conducted by Afiswitch, has reached maturity and lower growth is expected. The company is now running at full capacity of the current SAPS AFIS, but an increase in capacity is being implemented, which will allow the company to pursue further growth opportunities in the service.
MIE has been experiencing increasing demand for its services and has also acquired new contracts that will further increase revenue during the remainder of the financial year and beyond. The company is also opening branches in other African countries, which will be a further avenue for growth.
Biometric Projects
This segment has made in-roads in the financial sector with the provision of biometric readers for client verification. In the government sphere, the company continues to be hampered with long sales cycles and government tenders that are issued, but then are almost always postponed or cancelled. The company has recently been awarded a three-year contract by ICASA for the supply of monitoring equipment.
Capital commitments
There is a capital commitment to spend R4 million on Muvoni's own AFIS to increase the capacity of the Afiswitch service in respect of fingerprint criminal record checks.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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