{"id":28587,"date":"2012-12-13T13:33:27","date_gmt":"2012-12-13T11:33:27","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=28587"},"modified":"2012-12-13T13:50:27","modified_gmt":"2012-12-13T11:50:27","slug":"muvoni-boosted-by-ideco-sale","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/28587\/muvoni-boosted-by-ideco-sale\/","title":{"rendered":"Muvoni boosted by Ideco sale"},"content":{"rendered":"

Listed group, Muvoni Technology<\/a>, has reported a healthy rise in operating profit from continuing operations\u00a0for the year ended August 2012, to R11 million, from R6.22 million before.<\/p>\n

The group was helped by sale of Ideco Biometric \u00a0Security Solution at the end of 2011.<\/p>\n

Revenue from continuing operations improved to R106 million, from R99.69 million in 2011.<\/p>\n

Earnings before interest, tax, depreciation and amortisation\u00a0(ebitda) from continuing operations showed an improvement\u00a0of R5.8 million (42.4%) over the previous year.<\/p>\n

A total comprehensive profit attributable to ordinary shareholders of R5.7 million was\u00a0recorded compared\u00a0to a loss of R2.4 million in 2011.<\/p>\n

The profit of R5.7 million includes a profit of \u00a0R3.9 million, achieved by the sale of Ideco Biometric \u00a0Security Solutions, which had an effective date of 15 December 2011.<\/p>\n

IBSS contributed R1.7 million to group\u00a0profit for the period during which it was still a wholly-owned subsidiary of Muvoni.<\/p>\n

The revenue of AFISwitch, the group’s criminal record checking service,\u00a0increased by 63%, while ebitda\u00a0was 105% higher than in the previous financial year, the group said.<\/p>\n

Looking ahead,\u00a0Muvoni said that\u00a0AFISwitch’s services will show slower growth due to the fact that the year ended August\u00a02012 was the first full year where the service was almost used to\u00a0its full potential.<\/p>\n

However, in the case of the rendering of the service to the Department of Transport for Professional Drivers Permits, only about 75% of applicants are using the AFISwitch service.<\/p>\n

Muvoni said that the SAPS automated fingerprint identification system (AFIS) is being used at full capacity and therefore the group has acquired its own AFIS to ensure that sufficient capacity will be available for future growth.<\/p>\n

MIE, a\u00a0background screening firm, and wholly owned subsidiary of the Muvoni Group, is expected to\u00a0continue to contribute significantly\u00a0to group profits and, although still small, MIE has expanded its\u00a0service into neighbouring Africa countries, which will provide\u00a0further opportunities for growth, Muvoni said.<\/p>\n

“The directors have considered the group cash flow projections and budgets for the next two years, and in light of contracts concluded and an improvement in the business sectors where the group operates, are satisfied that the group will continue to operate as a going concern for the year ending 31 August 2013,” it said.<\/p>\n

Related articles<\/strong><\/h3>\n

Muvoni and African Bank in ID fraud partnership<\/strong><\/a><\/p>\n

Muvoni points to turnaround<\/strong><\/a><\/p>\n

Muvoni acquires criminal checking software<\/strong><\/a><\/p>\n

Hawks probing SAPS ICT division<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Muvoni Technology has reported a healthy rise in operating profit from continuing operations for the year ended August 2012, to R11 million, from R6.22 million before.<\/p>\n","protected":false},"author":9,"featured_media":1569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[26,4873,4874,4351,3888],"class_list":["post-28587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-headline","tag-ideco-biometric-security-solutions","tag-mie","tag-muvoni-technology","tag-saps"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=28587"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28587\/revisions"}],"predecessor-version":[{"id":28600,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/28587\/revisions\/28600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/1569"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=28587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=28587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=28587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}