REG - Thruvision Group PLC - Final Results
19/09/2025 07:00
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RNS Number : 9457Z Thruvision Group PLC 19 September 2025
19 September 2025
Thruvision Group plc
Results for the year ended 31 March 2025
Thruvision (AIM:THRU, 'Thruvision' or the 'Group'), a leading international
provider of walk-through security technology, today publishes its results for
the financial year ended 31 March 2025 ('2025' or 'FY25').
Overview
· Revenue of £4.2 million (2024: £7.8 million). This reduction
reflects a lack of Material(2) orders (2024: £3.4 million) albeit with strong
growth in Retail Distribution Core(2) revenue.
· Adjusted gross margin(1) declined by 8.1pp to 44.9% (2024:
53.0%). Statutory gross margin down 14.1pp.
· Adjusted EBITDA loss(1) was £3.8 million (2024: loss of £2.5
million), which is in line with market expectations. Operating loss was £4.7
million (2024: loss of £3.0 million).
· Cash balance as at 31 March 2025 was £0.4 million (31
March 2024: £4.1 million). The Group has no debt.
· £1.4 million (gross) equity fundraising completed in November
2024. £2.75 million (gross) equity fundraising completed in July 2025 with
further investment from existing shareholders as well as Directors.
· Strategic Review launched on 13 January 2025 and closed on 4
July 2025.
· Change in Board with former CEO, Colin Evans leaving in October
2024 and Victoria Balchin appointed as CEO in addition to her existing CFO
responsibilities in January 2025. Tom Black became Executive Chairman from
October 2024 onwards.
2025 2024
Continuing operations £m £m
Statutory measures:
Revenue 4.2 7.8
Gross profit 1.3 3.5
Gross margin 31.0% 45.1%
Operating loss (4.7) (3.0)
Loss before tax (4.7) (2.9)
Loss per share (pence) (2.81) (1.86)
Alternative measures(1):
Adjusted gross profit 1.9 4.1
Adjusted gross margin 44.9% 53.0%
Adjusted EBITDA loss (3.8) (2.5)
Adjusted loss before tax (4.4) (3.0)
Adjusted loss per share (pence) (2.61) (1.90)
(1)Alternative performance measures ('APMs') are used consistently throughout
this announcement and are referred to as 'adjusted'. These are defined in full
and reconciled to the reported statutory measures in the Appendix.
( )
(2)Smaller individual orders with values of less than £0.5 million ("Core
revenue") and larger individual orders greater than £0.5 million ("Material
revenue").
Commenting, Tom Black, Executive Chairman, said:
"The significant reduction in revenue in the past financial year was a great
disappointment. Although the sales pipeline contained numerous larger
opportunities these were not brought to a successful conclusion in the period,
a situation that we have addressed by making significant changes to our sales
organisation and approach.
"FY26 has started well and revenue at this point is well ahead of last year.
Sales activity is also high although conversion of sales leads to revenue has
slowed over the summer months. The increased focus on border security globally
is being reflected in our pipeline, including renewed dialogue
with US Customs and Border Protection. Retail Distribution is also very
active and we have a number of exciting opportunities here too. As a
result, the Board believes it remains on track to achieve significant revenue
growth this year."
For further information please contact:
Thruvision Group plc +44 (0)1235 425 400
Tom Black, Executive Chairman
Victoria Balchin, Chief Executive Officer and Chief Financial Officer
Allenby (Nominated Adviser & Broker) +44 (0)20 3328 5656
James Reeve / Piers Shimwell (Corporate Finance)
Jos Pinnington / Amrit Nahal (Sales)
About Thruvision (www.thruvision.com)
Thruvision is a leading international developer, manufacturer and supplier of
walk-through security technology. Its technology is deployed in more than 30
countries around the world by government and commercial organisations in a
wide range of security situations, where large numbers of people need to be
screened quickly, safely and efficiently. Thruvision's patented technology is
uniquely capable of detecting concealed objects in real time using an advanced
AI-based detection algorithm. The Group has offices and manufacturing
capabilities in the UK and US.
Important information
This announcement may include statements that are, or may be deemed to be,
'forward-looking statements' (including words such as 'believe', 'expect',
'estimate', 'intend', 'anticipate' and words of similar meaning). By their
nature, forward-looking statements involve risk and uncertainty since they
relate to future events and circumstances, and actual results may, and often
do, differ materially from any forward-looking statements. Any forward-looking
statements in this announcement reflect management's view with respect to
future events as at the date of this announcement. Save as required by
applicable law, the Company undertakes no obligation to publicly revise any
forward-looking statements in this announcement, whether following any change
in its expectations or to reflect events or circumstances after the date of
this announcement.
Chairman's statement
The past year proved to be a difficult one for Thruvision with revenue
significantly reduced from the previous period principally due to a lack of
any Material orders. The £4.2 million revenue achieved was the lowest since
2021 and was a great disappointment. Although the sales pipeline contained
numerous larger opportunities, these were not brought to a successful
conclusion within the period, a situation that we have addressed by making
significant changes to our sales organisation and approach, and this
contributed to a major order from an Asian government customer during the
first half of the year.
The weak performance inevitably put pressure on our cash resources and, as an
interim measure, we undertook a small fundraise in November followed by a
Strategic Review in January, which involved a thorough consideration of all
options available to us, ranging from a sale of the entire business to raising
new capital from Shareholders. This concluded in July 2025 with a decision to
remain an independent business and carry out a further capital raise. I am
extremely grateful to our long-standing Shareholders who retained their faith
in the Company and supported us through these raises. The difficulties of
being a small public company in the UK are myriad but our recent past shows
that the AIM market can still support companies with a compelling offering and
a sound strategy.
Our Retail Distribution market, which tends to be characterised by smaller
Core orders, proved to be the most resilient with all regions growing
strongly, and this momentum has continued into FY26.
Towards the end of the year, we launched our 81 Series product, which is a
further significant step forwards in terms of performance, usability for the
operator and aesthetic appearance. Feedback has been universally positive, and
we are confident that our new product will lead to increased sales. Also,
related to our product offering, it has been apparent for some time that
certain of our markets are sensitive to pricing and that a more attractively
priced option for our units would be well received. To this end, we have a
major project underway in the current year to reduce the build cost of the 81
Series, which will enable us to offer more competitive pricing in the future
on our entry level model.
Our previous Chief Executive, Colin Evans, left the business in October and I
assumed the role of Executive Chairman (from non-executive) at that point.
This was followed by the appointment of Victoria Balchin as Chief Executive in
January 2025. Victoria has also retained the role of Chief Financial Officer
for the time being.
Our staff have been unflinchingly supportive during a very unsettling period.
I am immensely grateful to them for continuing to carry out their roles to the
highest standards while our public position was challenging. Their faith in
Thruvision has started to be rewarded in the first quarter of our new year
with the significant uptick in orders that we reported in July.
Outlook
FY26 started well and revenue at this point is ahead of last year. Sales
activity is also high although conversion of sales leads to revenue has slowed
over the summer months. The increased focus on border security globally is
being reflected in our pipeline, including renewed dialogue with US Customs
and Border Protection. Retail Distribution is also very active and we have a
number of exciting opportunities here too. As a result, the Board believes it
remains on track to achieve significant revenue growth this year.
Tom Black
Chairman
Chief Executive's review
Strategic update
Strategic Review
As announced on 14 January 2025, the Board commenced a comprehensive strategic
review to evaluate the future direction of the Group (the 'Strategic Review').
This process involved a detailed assessment of several potential options aimed
at maximising shareholder value and ensuring long-term sustainability. The
options considered included:
- a full sale of the Group;
- the sale of one or both of the Company's trading subsidiaries;
- the sale of all trading operations and assets;
- a potential merger or combination with similar businesses; and
- continuing as a standalone entity with financial backing from existing
and/or new Shareholders.
Each option was carefully analysed in the context of market conditions,
operational performance, and stakeholder interests. Based upon a number of
factors, the Board concluded that the standalone option was the best one
available to the Group, and undertook a capital raise to provide the Group
with the funding required to enable it to proceed on an independent basis. The
Group exited the Strategic Review and subsequently completed a placing of
£2.75 million (gross) on 28 July 2025.
Overview
It was a challenging year with a lack of expected Material orders that were
anticipated to land in the second half of the year.
Overall, revenue was £4.2 million (2024: £7.8 million), with the reduction
reflecting the lack of Material orders (2024: £3.4 million). Adjusted gross
margin was lower at 44.9% (2024: 53.0%) reflecting increased mix of discounted
sales and adverse market mix, with statutory gross margin down to 31.0% (2024:
45.1%) as a result of lower throughput. We implemented targeted year-end
discounting initiatives for older product lines. These efforts were designed
to improve stock turnover, free up working capital, and prepare for the
introduction of the 81 Series in February 2025. While this resulted in lower
gross margins on certain product categories, it contributed positively to
overall inventory age and liquidity. Overheads were reduced by 15% and
continue to be tightly controlled.
Despite the challenging year, there was positive news with strong growth in
Retail Distribution, where sales were up by 52%, which continued to strengthen
our market‑leading international position as a developer, manufacturer and
supplier of unique walk-through security technology. Sales during the year
from repeat customers within Retail Distribution amounted to 58%. Conversely,
there was poor performance from the remaining markets with several Material
opportunities not converting during the year. These remain as opportunities
for the current financial year. Customs revenue was down from £3.1 million in
2024 to £0.3 million in 2025 and Entrance revenue was down by £1.9 million
to £0.8 million, with both markets experiencing Material customer orders in
2024, which were not repeated in 2025.
The order pipeline is now being forecast and managed with two lenses. Firstly,
smaller individual orders with values of less than £0.5 million ('Core
revenue') and secondly larger individual orders greater than £0.5 million
('Material revenue'). Core revenue is characterised by shorter lead times
(generally less than 12 months) and a higher level of predictability, whereas
Material revenue tends to have a longer lead time and is less predictable.
Core revenue for the year was 100% of total revenue for the year at £4.2
million (2024: £4.4 million and 56% of total revenue). Since 2021, Core
revenue has shown a compound growth rate of 8% and we target to continue to
grow this as strongly as possible.
Strategy for profitable revenue growth
There are three key areas we are focused on to drive profitable revenue
growth: Market, Technology, and Product pricing and cost.
- Market
Our strategy continues to be focused on four markets. These markets are
Retail Distribution, Customs, Entrance and Aviation, where we will focus our
marketing, sales and lead generation efforts.
Within Retail Distribution in the UK, we are highly referenceable and
well-known; however, we are now focussing on expanding our footprint further
in the USA and Europe where we have now had further success with customers
making repeat purchases. Our offering in this market is focused on rapid and
respectful screening of employees with our capability in detecting
non-metallics being the differentiating factor. Retailers and their logistics
partners use our technology to check employees for a wide range of potential
theft items as they leave Distributions Centres ('DCs'). Our analysis shows
there are around 35,000 retail and logistics hubs as potential screening sites
in our core geographic markets.
While we have derived significant revenue over the past seven years (54%) from
Customs, being highly referenceable, we are not well known outside of the 11
Customs agencies in which we are already present. Our focus in this market
is on detection of drugs and cash.
We see prisons as a new market opportunity for us within the Entrance
market. Our unique capability in prisons is the mobility of the equipment
for 'pop-up' screening, which is highly effective in a prison environment.
Within the Entrance market we continue to mainly deploy across government
buildings and for events. Within Aviation we are currently focused on the
policy changes driving interest in Aviation Worker Screening in the USA.
The Thruvision brand and technology is not well known enough in the
international security market. We will continue to target increased brand
awareness and recognition, and drive improved lead generation.
We will further nurture and support our Value-Added Reseller ('VAR') network
and now have relationships with 11, covering much of Europe and Asia, as well
as the Americas. These partners have mainly been selected for their expertise
and existing customer base in three of our four markets, Aviation, Customs and
Entrance Security, complementing the Sensormatic relationship for Retail
Distribution.
- Technology
Our product roadmap is designed to maintain our significant performance
advantage over different competitors through our continued investment in
improving our patented, AI-enhanced Terahertz ('THz') imaging technology. We
made very good progress in the year with a major new release, the 81 Series,
featuring a significant step change in look and feel, and continuing to
enhance our AI-based software functionality. Feedback from customers to date
on the new-look equipment has been very positive. This work also lays the
foundations for further similarly important new software and AI-based
capability in the next 12 to 18 months. The 81 Series has been launched with
a new entry-level 4-channel option, which is competitively priced.
- Product pricing and cost
We are currently undertaking a significant project over the next 12 months
called Box Clever, which commenced in February 2025. This project targets a
significant reduction in the cost of manufacture, without compromising on
manufacturing time, performance or aesthetics. This will contribute to
improved profitability over time combined with a reduction in the value of
inventory held.
The pricing of the 81 Series includes lower priced entry level 4-channel
equipment as well as a more competitively priced 8-channel product. Our
highest specification 16-channel unit continues to be robustly priced for the
customer who wants the highest performance outcome.
Looking forward, our objective is to profitably increase our sales in a number
of growing and established market sectors, as well as reduce the cost of
production, thereby to scale the business to reach sustained profitability.
We face very little direct competition at present in our areas of focus, as a
result of our key differentiators of mobility, being passive, compact and the
ability to screen at distance. The closest competition is from active,
short-wave and immobile archways.
Business review
Markets
We see growth opportunities across all of our market sectors.
Retail Distribution
Revenue grew by 52% to £2.9 million in 2025. During 2025, we signed up six
new retail customers, contributing 41% (£1.2 million) of Retail Distribution
revenue in the year with the remaining 59% coming from existing customers,
with already proven Return on Investment ('RoI'), extending their Thruvision
fleet to new sites principally with the purchase of our WalkTHRU solutions.
All of our key Retail Distribution regions showed good growth with revenue in
the UK growing by 22% to £1.5 million, Americas by 106% to £0.7 million and
Europe by 78% to £0.7 million.
During the year, customers purchased our equipment to prevent and deter a
broad range of item theft, ranging from luxury apparel to electronics. In
addition, we have been able to support additional RoI through the design of
more effective screening processes leading to guarding savings, as well as
screening employees inbound to facilities to prevent weapons and drugs
entering.
Our model in this market is characterised by a larger number of smaller orders
as customers typically buy on a site-by-site basis. Evidence shows that once a
new customer buys Thruvision and establishes an initial RoI, they are more
likely to either buy more units or upgrade existing units as they better
understand how to minimise theft in their organisation.
Looking forward, we expect to continue to grow our established customer base
through a focus on existing Key Global Accounts, which are characterised by
being global logistics companies, across the UK, Europe and North America, as
well as building the pipeline for new customers.
Customs
Revenue declined by £2.8 million to £0.3 million. Thruvision is used by
international Customs agencies in 11 countries to screen travellers for drugs,
cash and other contraband. We see further Material opportunities to expand our
Customs market footprint in our Material order pipeline in FY26 and beyond
with new and existing customers.
Well-publicised US Federal budget issues in FY24 led, in-part, to our largest
customer, US Customs and Border Protection ('CBP'), not ordering further
equipment from us in FY24 or FY25. President Trump's One Big Beautiful Bill
Act was signed into law on 4 July 2025 and includes US$6.2 billion for Border
Security, Technology and Screening. Our multi-year CBP framework purchasing
agreement remains in place until September 2026 with remaining purchase
capacity of US$33.5 million. While the passing of the Bill is positive news,
no order certainty from CBP can be guaranteed. Separately we are continuing to
derive support revenues for the existing fleet of 118 cameras already in field
with CBP.
Aviation
In Aviation, we focus on the US market given our long-standing relationship
with the US Government's Transportation Security Administration ('TSA'). Our
technology is used in security checkpoints to ensure no prohibited items are
taken airside and onto planes, and is in service in four international US
airports where it is used for screening aviation workers. Revenue increased to
£0.1 million in the year from a low base.
Security screening in the aviation industry is a regulated activity and, to
date, Thruvision technology has only been given regulated approval for
aviation worker screening in the USA. In response to changes in international
aviation policy, the TSA issued a National Mandate in autumn 2023 requiring US
airports to upgrade their capabilities for security screening aviation
workers. Under this Mandate, Thruvision technology is listed by the TSA in
its Aviation Worker Screening Toolkit.
In order to further strengthen our market position, during 2024 we completed
operational testing and evaluation of our WalkTHRU solution at San Diego
International Airport with the National Safe Skies Alliance ('Safe Skies').
Safe Skies is an independent, non-profit organisation funded by the US Federal
Aviation Administration.
This testing demonstrates that Thruvision is well placed to help US airports
meet their new TSA-mandated aviation worker security obligations and, since
the announcement, we have seen a meaningful pick-up in sales enquiries, which
we expect to lead to further new sales in FY26.
Entrance Security
Thruvision is used by a wide variety of venues ranging from high-security
government sites to public museums to check visitors, typically for concealed
weapons and prisons to deter the flow of contraband and weapons.
In 2025, the Group saw sales in this market of £0.8 million, down by £1.9
million, cycling a strong growth in sales in 2024 in traditional entrance
security weapons checks. In March 2025, Thruvision was proud to be selected by
the O2 in London to assist in screening attendees to a sold-out premier event.
Utilising our latest 81 Series high footfall cameras, we were tasked with
specifically looking for organic materials that could be used maliciously
during the high-profile event. Working hand in hand with the on-site security
team, Thruvision helped ensure that the event passed without incident. This
event has led to several other potential entrance opportunities including a
proof of concept at a high-profile sporting event.
In all cases, Thruvision technology is selected for its unique ability to
detect reliably a broad range of threat objects, including non-metallics and
organic materials, in a diverse range of operational environments.
Product R&D and Intellectual Property ('IP')
Our technology allows security guards to see items hidden in clothing, which
means that intrusive physical searches, or 'pat‑downs', are no longer
necessary. Based on our patented THz sensor and image processing software, our
systems can detect, quickly and reliably, all types of material (non-metallic
as well as metallic).
Our product strategy aims continuously to improve throughput rates, detection
performance and ease of use, and expanding our WalkTHRU capability.
Our R&D and product roadmap, therefore, has three objectives. We have made
good progress in the last year against each of these:
- focus on utilising latest developments in AI to deliver additional new
functionality and to add this as optional software licences to help improve
product profitability;
- provide clear value-add upgrade paths for existing customers to take
advantage of latest developments; and
- improve the physical design of our product range to improve in-field
useability and aesthetics.
In February 2025, the 81 Series product range was launched under the banner
'See the Unseen' (see front cover of the Annual Report). This product was
launched for all our markets and includes the option to have a battery-powered
version. The 81 Series incorporates all the benefits of the software
functionality, launched in 2024, that add significant new video AI capability
coupled with video image processing to deliver significant performance
benefits to users, including improved detection performance and
people-counting. With additional software functionality continuing to be sold
as an optional extra licence as SmartSCREEN and DynamicDETECT, the 81 Series
should ensure the Group can enhance product profitability and provide ongoing
repeatable revenue streams.
The Group currently holds patents in five families, and our patent strategy is
designed to cover the IP value, which is based on our modular, satellite-grade
engineering THz sensor platform, the unique combination of this sensor with
purpose-designed optics and scanning mirror, and our purpose-developed image
processing software. We manage our patent portfolio to secure our
competitive position across our key markets.
Manufacturing and support
The launch of the 81 Series product has resulted in significant benefits from
a manufacturing perspective around productivity and serviceability. The
speed of build has been improved by approximately 20%, which results in an
improvement in capacity and a potential reduction to lead times. In
addition, the modularity designed into the 81 Series allows us to increase the
level of in-field support without requiring a unit to be shipped back to the
production site. This has the benefit that it improves our response time for a
repair, better utilisation of the support team, reduces down-time for the
customer as well as reducing the investment required in hot-swap units. We
anticipate in the next 18 months to be able to carry out all
repairs/replacements in the field.
We expect to see reductions in build cost realised in FY27 because of the Box
Clever cost reduction project underway during FY26. Further savings may be
made in the future through improvements in product design and economies of
scale, as well as exploring the potential to outsource as revenues grow. In
the year, we did not experience any component supply shortages compared to
previous years or significant raw materials inflation.
There has been a deliberate shift towards online live demonstrations and paid
proofs of concept away from in-field unpaid live demonstrations. This has
resulted in a more effective use of support team time, an increased capability
to deliver demonstrations quicker and a reduced requirement for a larger fleet
of demonstration equipment. On several occasions, the paid proof of concept
has resulted in the customer purchasing and keeping the same demonstration
equipment, resulting in a rapid sale process.
People
Average full-time equivalent headcount reduced to 39 from 43 staff in the
previous year. This reduction reflects a net reduction of two within the sales
team, together with the departure of the previous Chief Executive and a net
reduction of one in engineering. Significant changes to sales management
occurred at the start of FY26.
Financial review
Highlights
Revenue for the year to 31 March 2025 was £4.2 million, down 47% (2024: £7.8
million), mainly attributable to the lack of Material orders (2024: £3.4
million). Customs and Entrance Security revenue was down by £4.7 million,
which was partially offset by the £1.0 million growth in our Retail
Distribution revenue.
Adjusted gross margin reduced by 8.1pp to 44.9% (2024: 53.0%) mainly due to
product and pricing mix. Statutory gross margin was down 14.1pp to 31.0%
(2024: 45.1%) reflecting lower absorption of production overheads as volumes
decreased. The operating loss in the period was £4.7 million (2024: loss
£3.0 million), with an Adjusted EBITDA loss of £3.8 million (2024: loss
£2.5 million). Adjusted loss before tax of £4.4 million increased by £1.4
million (2024: loss £3.0 million) with statutory loss before tax of £4.7
million (2024: loss £2.9 million).
Cash as at 31 March 2025 was £0.4 million (31 March 2024: £4.1 million). The
decrease in cash of £3.7 million was driven by an operating cash outflow of
£4.5 million, which included an Adjusted EBITDA loss of £3.8 million and an
increase to inventory of £1.4 million, capital expenditure of £0.5 million
and net other outflows of £0.1 million, partly offset by the share placing in
November 2024, which raised net proceeds of £1.3 million.
Revenue
Revenue is split between our two principal activities below.
2025 2024
£'000 £'000
Product 3,622 7,394
Support and Development 541 420
4,163 7,814
The principal growth driver for the business is product sales. Support revenue
includes extended warranty and other post-sale support revenue, as well as
customer-funded development contracts. We expect warranty and other support
revenue to grow in the future, with customer-funded development contracts not
a key driver for future growth.
Revenue is split by market sector and geographical region below.
2024
2025
Revenue by market sector £'000 £'000
Retail Distribution 2,919 1,924
Customs 339 3,148
Aviation 100 23
Entrance Security 805 2,719
4,163 7,814
2025 2024
Revenue by geographical region £'000 £'000
UK and Europe 2,460 2,436
Americas 1,228 1,998
Middle East and Africa 12 845
Asia Pacific 463 2,535
4,163 7,814
Gross profit
Adjusted gross profit, defined as gross profit excluding production overheads,
is used to enable a like-for-like comparison of the contribution from sales
after variable costs only. Adjusted gross margin is used as a key
performance indicator ('KPI') to understand the impact of input cost
pressures, product mix and sales price changes. Production overheads are
excluded since the significant movements in revenue volumes impact labour and
overhead absorption rates in each year. Production overheads are monitored
on an absolute basis. As a result, adjusted gross profit is the APM used to
represent this metric, see Appendix for calculation and further information.
Adjusted gross margin reduced in the second half of the year reflecting
discounting of previous product lines and adverse market mix. This contributed
to the 8.1pp decrease in adjusted gross margin for the full year, with
statutory gross margin down by 14.1pp including a 6.0pp negative impact from
manufacturing as there was lower production throughput together with pay cost
inflation, offset by reduced manufacturing overheads.
Adjusted gross profit and statutory gross profit are shown below.
2025 2024
£'000 £'000
Revenue 4,163 7,814
Adjusted gross profit 1,871 4,141
Adjusted gross margin 44.9% 53.0%
Statutory gross profit 1,289 3,522
Statutory gross margin 31.0% 45.1%
Administrative expenses
Administrative expenses are analysed as follows:
2025 2024
£'000 £'000
Sales, marketing and support 1,854 2,454
Engineering (including R&D) 1,101 1,067
Management 898 949
Plc costs 772 884
Property and administration 494 580
Bonus - 89
Foreign exchange losses 42 80
Overheads 5,161 6,103
Depreciation and amortisation 524 465
Share-based payments charge/(credit) 140 (50)
Exceptional items 180 -
Administrative expenses 6,005 6,518
Administrative expenses decreased by 8% (£0.5 million) to £6.0 million, with
overheads decreasing by £0.9 million from £6.1 million to £5.2 million.
Despite this, the ratio of overheads to revenue increased to 124% from 78%
last year driven by lower revenues. Administrative expenses include
share-based payment charges, depreciation and amortisation and impairment of
intangible assets, but these are excluded from overheads.
Sales, marketing and support expenditure was lower by £0.6 million due to
lower sales headcount and commissions paid as well as lower marketing costs.
Engineering costs, including R&D costs, were up slightly as a result of
increased headcount in our software team. The decrease in property and
administration costs was driven by no recruitment costs in the current year
and tight management of costs in the year. Management costs were lower
driven by the change in CEO; Plc costs benefitted from lower professional
fees.
Exceptional items included one-off costs incurred relating to the Strategic
Review such as legal and advisory costs incurred as well as Executive Chairman
costs relating to that exercise.
Loss after tax and loss per share
Statutory loss after tax increased by £1.8 million from £2.8 million to a
loss of £4.6 million with the adjusted loss after tax of £4.3 million
increasing by £1.4 million. The tax credit of £0.1 million (2024: £0.1
million) reflects R&D tax credits receivable. Unrelieved tax losses in the
UK available to carry forward indefinitely are £13.0 million (2024: £9.3
million). No deferred tax asset has been recognised (2024: none).
The loss per share and adjusted loss per share were 2.81 pence and 2.61 pence
respectively (2024: loss per share and adjusted loss per share of 1.86 pence
and 1.90 pence respectively) and reflected the movements in adjusted and
statutory loss after tax.
Cash flow
Cash and cash equivalents decreased during the year by £3.7 million to £0.4
million as at 31 March 2025, driven principally by the cash outflow from
operating activities of £4.4 million, offset by the share placing in November
2024, which raised net proceeds of £1.3 million. Other contributing factors
were capital expenditure of £0.5 million mainly in relation to demo stock
additions for the new 81 Series range and net other outflows of £0.1
million. The operating cash outflow is driven by an Adjusted EBITDA loss of
£3.8 million together with a net working capital outflow of £0.5 million and
exceptional items of £0.2 million partly offset by cash tax received of £0.1
million relating to R&D tax credits.
The principal movements in net working capital were as follows.
- An increase in inventories resulting in a £1.4 million outflow
in the year. The increase in inventory resulted from sales falling below
expectation in the year.
- Trade and other receivables resulted in a £0.7 million inflow
in the year, driven by lower sales in the final quarter of the current year
compared to prior year.
- An increase in trade and other payables resulted in an inflow of
£0.2 million. Trade payables were driven higher by the timing of stock
purchases in the final quarter compared to the prior year.
Capital expenditure during the year of £0.5 million (2024: £0.6 million) was
driven by investment in demonstration equipment of £0.5 million for the
launch of the 81 Series.
Financing, treasury and going concern
Cash and cash equivalents as at 31 March 2025 were £0.4 million (31 March
2024: £4.1 million).
In order to manage fluctuations in working capital, the Group agreed a
continuation of the previous £0.95 million overdraft facility with HSBC at
£0.4 million from 31 May 2025 to 31 August 2025, then reduced to £0.1
million until 31 May 2026.
On 12 November 2024, the Group announced that it had raised via a share
placing £1.375 million before fees. After the year-end, on 28 July 2025, the
Group announced that it had completed a further gross capital raise of £2.75
million.
The Group has prepared and reviewed cash flow forecasts for the period to, and
including, 30 September 2026. These base case scenario forecasts and
projections take into account reasonably possible changes in trading
performance and show that the Group will be able to react as required in order
to operate within the current level of financial resources and requires no
funding in excess of currently available facilities in the forthcoming
12-month period.
These forecasts are reliant upon the conversion of the sales pipeline in
volume and value in the next 12 months significantly ahead of that achieved in
the previous financial year. While the Board has confidence that this is
achievable based upon the current breadth and depth of the pipeline, the
nature of our sales cycle is that orders may take longer than expected to
materialise, given geo-political, political and economic uncertainties across
several of our geographies and markets globally. In this downside scenario,
the business would potentially require funding in excess of currently
available facilities over the forthcoming 12-month period and, therefore,
there is the existence of a material uncertainty that may cast significant
doubt on the Company's ability to continue as a going concern.
The Directors have a reasonable expectation that the Group has adequate
resources to continue operating for a period of at least 12 months from the
approval of these financial statements, despite the uncertainty described
above. For this reason, they have adopted the going concern basis in preparing
the financial statements.
Currency
The Group has both translational and transactional currency exposures.
Translational exposures arise on the consolidation of the US overseas
subsidiary results into GBP. The largest translational exposures during
the year were to the US Dollar. Translational exposures are not hedged.
Transactional exposures arise where the currency of sale or purchase invoices
differs from the functional currency in which each company prepares its local
financial statements. The transactional exposures include situations where
foreign currency-denominated trade receivables, trade payables and cash
balances are held. Transactional foreign exchange losses of £0.04 million
(2024: £0.08 million loss) were included in administrative expenses. The
Group maintains non-GBP cash balances to meet short-term operational
requirements.
The table below shows the average and closing key exchange rates for the US
Dollar compared to GBP.
2024
2025
Average exchange rate for the year 1.276 1.257
Exchange rate at the year-end 1.295 1.262
Other
A programme of share purchases by the Thruvision plc Employee Benefit Trust
was undertaken during the year with the purpose of partly satisfying future
employee exercises of share options. The total number of shares purchased
during the year was 575,555 at a cost of £99k. No further shares were
purchased subsequent to 30 September 2024.
Dividends
The Board is not proposing to pay a dividend (2024: none).
Events after the balance sheet date
In order to manage fluctuations in working capital, the Group agreed a
continuation of the overdraft facility with HSBC at £0.4 million from 31 May
2025 to 31 August 2025, then reduced to £0.1 million until 31 May 2026.
On 28 July 2025, the Group announced that it had completed a gross capital
raise of £2.75 million via the issue of 275,000,000 shares at 1 penny.
Victoria Balchin
Chief Executive Officer and Chief Financial Officer
Consolidated income statement
for the year ended 31 March 2025
Year ended Year ended
31 March
31 March
Notes
2025
2024
£'000
£'000
Revenue 2 4,163 7,814
Cost of sales (2,874) (4,292)
Gross profit 1,289 3,522
Administrative expenses (6,005) (6,518)
Operating loss 3 (4,716) (2,996)
Finance income 79 109
Financing costs (60) (62)
Loss before tax (4,697) (2,949)
Taxation credit 93 103
Loss for the year (4,604) (2,846)
Loss per share
Loss per share - basic and diluted 4 (2.81p) (1.86p)
All operations are on a continuing basis.
Consolidated statement of comprehensive income
for the year ended 31 March 2025
Year ended Year ended
31 March 2025 31 March 2024
£'000 £'000
Loss for the year attributable to owners of the parent (4,604) (2,846)
Other comprehensive loss - items that may be subsequently reclassified to
profit or loss:
Exchange differences on retranslation of foreign operations 18 (16)
Total other comprehensive gains and losses 18 (16)
Total comprehensive loss attributable to owners of the parent (4,586) (2,862)
Consolidated statement of financial position
at 31 March 2025
31 March 2025 31 March 2024
£'000 £'000
Non-current assets
Property, plant and equipment 1,190 1,375
Intangible assets 145 124
1,335 1,499
Current assets
Inventories 5,177 3,655
Trade and other receivables 1,486 2,229
Current tax recoverable 84 99
Cash and cash equivalents 374 4,119
7,121 10,102
Total assets 8,456 11,601
Current liabilities
Trade and other payables (2,023) (1,926)
Lease liabilities (215) (151)
Provisions (20) (52)
(2,258) (2,129)
Net current assets 4,863 7,973
Non-current liabilities
Trade and other payables (203) (109)
Lease liabilities (329) (492)
Provisions (110) (110)
(642) (711)
Total liabilities (2,900) (2,840)
Net assets 5,556 8,761
Equity
Share capital 1,736 1,611
Share premium 4,497 3,282
Capital redemption reserve 163 163
Translation reserve 13 (5)
Retained earnings (853) 3,710
Total equity attributable to owners of the Company 5,556 8,761
Consolidated statement of changes in equity
for the year ended 31 March 2025
Share Share Capital redemption reserve Translation reserve Retained Total
capital
premium
£'000
£'000
earnings
equity
£'000
£'000
£'000
£'000
At 1 April 2023 1,472 325 163 11 6,845 8,816
Shares issued 139 2,957 - - - 3,096
Share-based payment credit - - - - (50) (50)
Purchase of own shares - - - - (239) (239)
Transactions with Shareholders 139 2,957 - - (289) 2,807
Loss for the year - - - - (2,846) (2,846)
Other comprehensive loss - - - (16) - (16)
Total comprehensive loss - - - (16) (2,846) (2,862)
At 31 March 2024 1,611 3,282 163 (5) 3,710 8,761
Shares issued 125 1,215 - - - 1,340
Share-based payment charge - - - - 140 140
Purchase of own shares - - - - (99) (99)
Transactions with Shareholders 125 1,215 - - 41 1,381
Loss for the year - - - - (4,604) (4,604)
Other comprehensive loss - - - 18 - 18
Total comprehensive loss - - - 18 (4,604) (4,586)
At 31 March 2025 1,736 4,497 163 13 (853) 5,556
Consolidated statement of cash flows
for the year ended 31 March 2025
Year ended Year ended
31 March 2025 31 March 2024
£'000 £'000
Operating activities
Loss after tax (4,604) (2,846)
Adjustments for:
Taxation credit (93) (103)
Finance income (79) (109)
Finance costs 60 62
Depreciation of property, plant and equipment 550 500
Amortisation of intangible assets 31 26
Share-based payment charge/(credit) 140 (50)
Operating cash outflow before changes in working capital and provisions (3,995) (2,520)
Decrease in trade and other receivables 724 2,132
Increase in inventories (1,355) (16)
Increase/(decrease) in trade and other payables 194 (745)
Decrease in provisions (32) (55)
Cash utilised in operations (4,464) (1,204)
Net income taxes received 108 378
Net cash outflow from operating activities (4,356) (826)
Investing activities
Purchase of property, plant and equipment (496) (581)
Purchase of intangible assets (52) (41)
Interest received 98 90
Net cash outflow from investing activities (450) (532)
Financing activities
Proceeds from issue of shares 1,375 3,243
Share issue costs (35) (147)
Purchase of own shares (99) (239)
Payments on principal portion of lease liabilities (126) (143)
Financing charge (12) (12)
Interest paid on lease liabilities (48) (50)
Net cash inflow from financing activities 1,055 2,652
Net (decrease)/increase in cash and cash equivalents (3,751) 1,294
Cash and cash equivalents at 1 April 4,119 2,810
Effect of foreign exchange rate changes 6 15
Cash and cash equivalents at 31 March 374 4,119
Notes to the financial information
1. Accounting policies
1.1 Basis of preparation
The financial information of the Group set out above does not constitute
statutory accounts for the purposes of Section 435 of the Companies Act
2006. The financial information for the year ended 31 March 2025 has been
extracted from the Group's audited financial statements which were approved
by the Board of Directors on 18 September 2025.
The financial statements of Thruvision Group plc have been prepared in
accordance with UK-adopted International Accounting Standards and with the
requirements of the Companies Act 2006 as applicable to companies reporting
under those standards.
These financial statements are presented in Pounds Sterling ('GBP') and are
rounded to the nearest thousand (£'000), except where otherwise stated.
The financial statements were authorised for issue by the Board of Directors
on 18 September 2025 and the statement of financial position was signed on the
Board's behalf by Colin Evans and Victoria Balchin.
The Company is a public limited company incorporated and domiciled in England
and Wales and whose shares are quoted on AIM, a market operated by the London
Stock Exchange.
The consolidated financial statements have been prepared on a historical cost
basis.
1.2 Accounting policies
The key accounting policies which apply in preparing the financial statements
for the year are set out below. These policies have been consistently applied
to all periods presented in these consolidated financial statements.
The USD/GBP exchange rates used in the consolidated financial statements is as
follows:
2025 2024
Average exchange rate for the year 1.276 1.257
Exchange rate at the year end 1.295 1.262
1.3 Basis of measurement
Going concern
The Group's loss before tax from continuing operations for the year was £4.7
million (2024: £2.9 million). As at 31 March 2025, the Group had net current
assets of £4.9 million (31 March 2024: £8.0 million), of which cash and cash
equivalents of £0.4 million (31 March 2024: £4.1 million).
The Board has taken the cash flow forecast for the period to 30 September
2026, reviewed the key assumptions underpinning the projection, and considered
a range of downside scenarios to assess whether the business has adequate
financial resources to continue operational existence and to meet liabilities
as they fall due for a period of not less than 12 months from the approval of
the financial statements.
In completing the above analysis the Board has reviewed the following:
· The current pipeline of potential sales opportunities,
differentiating between existing customers and new customers, smaller sales
and large, multi-unit sales. Potential scenarios included a general
downgrading of smaller units sales volumes and the removal of larger sales for
which confidence of securing an order was not already high based on customer
interaction to date.
· Market, political and recessionary economic trends that may
adversely impact the prospects of revenue realisation from a broad range of
customers in all geographical areas of operation.
· The potential for supply chain issues to result in higher
purchasing costs and reduced margins, or an inability to fulfil all orders
received due to raw materials shortages.
· The availability of manufacturing facilities and the impact of
unforeseen outages.
· An expectation of retaining a similar level of overheads cost
base compared to the prior year.
· General inflationary pressures that may have similar impacts on
revenues and costs to those described above.
These forecasts are reliant upon the conversion of the sales pipeline in
volume and value in the next 12 months significantly ahead of that achieved in
the previous financial year. Whilst the Board has confidence that this is
achievable based upon the current breadth and depth of the pipeline, the
nature of our sales cycle is that orders may take longer than expected to
materialise, given geo-political, political and economic uncertainties across
several of our geographies and markets globally. In this downside scenario,
the business would potentially require funding in excess of currently
available facilities over the forthcoming 12-month period, and therefore there
is the existence of a material uncertainty that may cast significant doubt on
the Company's ability to continue as a going concern.
The Directors have a reasonable expectation that the Group has adequate
resources to continue operating for a period of at least 12 months from the
approval of these financial statements, despite the uncertainty described
above. For this reason, they have adopted the going concern basis in preparing
the financial statements.
2. Segmental information
The business is run as one segment although we sell our products into a number
of sectors as disclosed in the Finance review. The employees of the business
work across both our geographical and market sectors, with the assets of the
business being utilised across these sectors as well, and it is not possible
to directly apportion these costs between these sectors.
As such, the Directors do not split the business into segments in order to
internally analyse the business performance. The Directors believe that
allocating administrative expenses by department provides a suitable level of
business insight. The overhead department cost centres comprise:
· Engineering (including R&D);
· Sales, marketing and support;
· Property and administration;
· Management; and
· Plc costs.
with the split of costs as shown within the Financial Review.
2. Segmental information (continued)
Revenue is split between our two principal activities below:
2025 2024
£'000 £'000
Product 3,622 7,394
Support and Development 541 420
4,163 7,814
The Group's revenue by market sector and geographical region is detailed
below:
Revenue by market sector 2025 2024
£'000
£'000
Retail Distribution 2,919 1,924
Customs 339 3,148
Aviation 100 23
Entrance Security 805 2,719
4,163 7,814
Revenue by geographical region 2025 2024
£'000
£'000
UK 1,604 1,349
Rest of Europe 856 1,087
Americas 1,228 1,998
Middle East and Africa 12 845
Asia Pacific 463 2,535
4,163 7,814
The Group's revenue by point of recognition is detailed below:
2025 2024
£'000
£'000
Revenue recognised at point in time 3,990 7,727
Revenue recognised over time - extended warranty and support revenue 173 87
4,163 7,814
Analysis of revenue by customer
There have been two individually material customers (each comprising over 10%
of total revenue) in the year (2024: two customers). These customers
represented £659k (16%) and £642k (15%) of revenue for the year (2024:
£1,885k (24%) and £938k (12%)).
2. Segmental information (continued)
Other segment information
The Group's non-current assets by geography are detailed below:
2025 2024
£'000
£'000
United Kingdom 1,094 1,176
United States of America 213 323
Europe 28 -
1,335 1,499
3. Operating loss
The operating loss is stated after charging/(crediting):
2025 2024
£'000
£'000
Cost of inventories recognised as an expense 2,479 3,894
Research and development expense 518 636
Share based payment charge/(credit) 140 (50)
Depreciation of property, plant and equipment 550 500
Expenses relating to short-term and low-value leases 1 1
Amortisation of intangible assets 31 26
Exchange losses 42 80
4. Loss per share
2025 2024
Loss after tax (£'000) (4,604) (2,846)
Weighted average number of shares outstanding (total in issue) 165,366,227 153,197,717
Less: weighted average number of shares owned by Employee Benefit Trust (1,513,762) (522,781)
Weighted average number of shares used to calculate basic and diluted loss per 163,852,465 152,674,936
share
Basic and diluted loss per share (pence) (2.81p) (1.86p)
The inclusion of 4,785,175 potential Ordinary Shares arising from LTIPs and
EMI Options would be anti-dilutive. Basic and diluted loss per share has,
therefore, been calculated using the same weighted number of shares for each
financial year.
5. Post-balance sheet events
In order to manage fluctuations in working capital, the Group agreed a
continuation of the overdraft facility with HSBC at £0.4 million from 31 May
2025 until 31 August 2025, reducing to £0.1 million until 31 May 2026.
In addition, on 28 July 2025, the Group announced that it had completed a
gross capital raise of £2.75 million via the issue of 275,000,000 shares at 1
penny.
APPENDIX - ALTERNATIVE PERFORMANCE MEASURES ('APMs')
Thruvision uses adjusted figures as key performance measures in addition to
those reported under IFRS, as management believe these measures enable
management and stakeholders to assess the underlying trading performance of
the businesses. The APMs exclude certain items that are considered to be
significant in nature and/or quantum.
The APMs are consistent with how the businesses' performance is planned and
reported within the internal management reporting to the Board. Some of these
measures are used for the purpose of setting remuneration targets.
The key APMs that the Group uses include adjusted measures for the income
statement together with adjusted cash flow measures. Explanations of how they
are calculated and how they are reconciled to an IFRS statutory measure are
set out below.
Adjusted measures
The Group's policy is to exclude items that are considered to be significant
in nature and/or quantum, where the item is volatile in nature and cannot be
directly linked to underlying trading, and where treatment as an adjusted item
provides stakeholders with additional useful information to better assess the
period-on-period trading performance of the Group. They reflect how the
business is measured and managed on a day-to-day basis.
The Group excludes certain items, which management have defined as:
- Share-based payments charge or credit
- Impairments of intangible assets
Gross profit, excluding production overheads, is used to enable a
like-for-like comparison of underlying sales profitability and provide
supplementary information. This adjusted measure is termed Adjusted gross
profit. The use of Adjusted gross profit margin provides the Board and
management with a measure of direct product profitability (pricing, direct
costs of sale and directly allocable costs including inventory provisions),
without the impact that sales volumes can have on the absorption of the more
fixed production overheads. It provides a useful measure of sales and
procurement effectiveness as a subset of topline profitability analysis and
may help investors understand and evaluate performance in the same way as the
Board and management. The metric is helpful to show current trends in the
Group's operations and is useful for like-for-like comparisons of product
profitability between years.
These non-GAAP measures should not be considered in isolation or as a
substitute for the comparable GAAP (IFRS) measure and may not be comparable
with other companies. All APMs relate to the current year results and the
comparative year.
Based on the above policy, the adjusted performance measures are derived from
the statutory figures as follows
a) Adjusted gross profit
2025 2024
£'000 £'000
Gross profit 1,289 3,522
Add back:
Production overheads 582 619
Adjusted gross profit 1,871 4,141
b) Adjusted EBITDA
2025 2024
£'000 £'000
Statutory operating loss (4,716) (2,996)
Add back:
Depreciation and amortisation 581 526
Exceptional items 180 -
Share-based payment charge/(credit) 140 (50)
Adjusted EBITDA loss (3,815) (2,520)
c) Adjusted loss before tax
2025 2024
£'000 £'000
Statutory loss before tax (4,697) (2,949)
Add back:
Exceptional items 180 -
Share-based payment charge/(credit) 140 (50)
Adjusted loss before tax (4,377) (2,999)
d) Adjusted loss per share
2025 2024
£'000 £'000
Statutory loss after tax (4,604) (2,846)
Add back:
Exceptional items 180 -
Share-based payment charge/(credit) 140 (50)
Adjusted loss after tax (4,284) (2,896)
Weighted average number of shares 163,852,465 152,674,936
Statutory loss per share (pence) (2.81) (1.86)
Adjusted loss per share (pence) (2.61) (1.90)
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