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REG - Thruvision Group PLC - Half year trading update

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RNS Number : 2625O  Thruvision Group PLC  02 October 2023

2 October 2023

Thruvision Group plc

 

Half year trading update

 

Thruvision (AIM:THRU, "Thruvision" or the "Group"), the leading provider of
walk-through security technology, today publishes a trading update for the six
months to 30 September 2023 ("H1 2024").

 

Trading in the six month period has shown good momentum. Revenue grew by an
estimated 27% to approximately £3.5 million (H1 2023: £2.8 million) with an
order backlog at 30 September of £1.0 million expected to be delivered early
in the third quarter. Cash at 30 September 2023 was £2.3 million (30
September 2022: £1.1 million) and trade receivables were £2.7 million (30
September 2022: £3.3 million).

 

Customs market revenue grew by 16% underpinned by a major contract win with a
new Asian customer. In addition, an order was received from a new Central
American customs agency late in the period, maintaining momentum in this
market. In Retail Distribution, the Group added new customers including GXO,
the global logistics provider and TD Synnex, a global technology provider.
There was also renewed demand from the international Entrance security market,
which is expected to continue.

 

In contrast to the encouraging progress elsewhere, the anticipated order from
US Customs and Border Protection (CBP) did not get awarded in September, due
to US Federal Government and Departmental budget challenges. Without the CBP
order there will be a material impact on the Group's performance in the second
half and for the current financial year as a whole.

 

With an encouraging pipeline of opportunities, it is anticipated that second
half revenue will exceed that of the first half. However, without a CBP
equipment order this year, it is unlikely that full year revenue will meet
current market expectations.

 

Colin Evans, Chief Executive, commented:

 

"It is frustrating that, because of US Federal budgetary challenges, we have
not received our anticipated CBP order this year. CBP continues to operate a
significant fleet of our units very successfully across many ports of entry
into the US and we continue to support these deployments. We fully expect
further significant CBP orders when clearer priorities for border control
investment are established by the US Government.

 

"Despite this single disappointment, we are seeing increasing traction
internationally and we secured six new customers in the first half across our
markets. We are confident that interest levels in our unique solutions,
particularly WalkTHRU, which has the ability to screen 100% of people for all
types of concealed items at walking pace, remain strong.

 

"We expect, therefore, that the second half will demonstrate good revenue
growth over the first and will be based on a more diversified range of
customers."

 

 

For further information please contact:

 

Thruvision Group
plc
                                +44 (0)1235
425400

Colin Evans, Chief Executive

Victoria Balchin, Chief Financial Officer

 

Investec Investment Banking (NOMAD &
Broker)
                +44 (0)20 7597 5970

Patrick Robb / James Rudd / Sebastian Lawrence

 

Meare
Consulting
                                +44 (0) 7990
858548

Adrian Duffield

 

About Thruvision (www.thruvision.com (http://www.thruvision.com) )

 

Thruvision is the leading developer, manufacturer and supplier of walk-through
security technology. Its technology is deployed in more than 20 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's offices are near Oxford and Washington DC.

 

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