30th Sep 2014 13:38
LONDON (Alliance News) - Digital security systems business SerVision PLC Tuesday said it is on the right track to recovery, after narrowing its losses in the first-half.
The AIM-listed company posted a pretax loss of USD891,000 for the six months to June 30, compared with a USD1.0 million loss a year earlier, as revenue increased to USD1.8 million from USD1.3 million.
The company said its first-half performance was bolstered by new distribution agreements in the US and China, with purchase orders valued at USD4 million and USD2.5 million, respectively.
In addition, to these new partnerships, SerVision's MVG400 was selected for a large cash-in-transit project in South Africa, and the company has received advance notification that our technology will be used for a sizeable police project in Kenya. The project is for the supply of up to 10,000 CVG-M-based body-worn kits and the rollout is expected to begin before the close of the current year.
Looking ahead, Chairman Gideon Tahan said, "After a disappointing 2013, I firmly believe the company is back on course for a solid rebound and successful conclusion to 2014."
"As always I would like to express my sincere gratitude to our shareholders for their continued support and to thank SerVision's business partners and staff for their commitment and outstanding work," he added.
SerVision shares were quoted up 20.6% at 4.07 pence per share Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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