Muvoni reports interim results

Muvoni Technology has reported its interim results and has shown a diluted loss per share of .39 cents for the six months ended February 2013, though group revenue has increased.

Biometric projects reported an operating loss of US$ 72,472 (R729,000) for the period, compared to an operating loss of US$200,000 (R2.1 million) for the same period in 2012. That being said, the company has reported that revenue of biometric projects increased from US$680,000 (R6.8 million) to US$ 840,000 (R8.4 million).

Revenue has increased by 13%, to US$5.93 million (R59.7 million).

According to the company, approximately a quarter of the revenue generated by the biometric solutions and projects segment was generated in Namibia with a drivers’ license contract.

Though biometric projects reported an operating loss, the company suggests it has made in-roads in the financial sector, particularly with the provision of biometric readers for client verification. In the government sphere, the company says it continues to be hampered with long sales cycles and government tenders that are issued, but then are almost always postponed or cancelled.

Reported previously in BiometricUpdate.com, Muvoni recently partnered with African Bank to combat identity fraud with it’s the CSD200 scanner from 3M Cogent. Following a successful pilot test, 1,500 scanners were implemented to African Bank branches throughout South Africa.

Article Topics

financial results