REG - Thruvision Group PLC - Interim Results and Trading Update
Tue 07:00
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RNS Number : 8081I Thruvision Group PLC 25 November 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
25 November 2025
Thruvision Group plc
Interim Results and Trading Update
Thruvision Group plc (AIM: THRU), the leading provider of walk-through
security technology ("Thruvision" or the "Company" and, together with its
subsidiary undertakings, the "Group"), today announces unaudited results for
the six months ended 30 September 2025 (H1 2026 financial year - H1 2026) and
provides a trading update.
Highlights
· Revenue of £2.6 million, up 36% (H1 2025: £1.9 million)
o Entrance Security revenue significantly higher at £1.6 million (H1 2025:
£0.2m) including the Material(2) order in Asia
o Retail Distribution revenue of £1.0 million (H1 2025: £1.6 million)
o No Customs revenue (H1 2025: £0.1 million)
· Adjusted gross margin(1) down 22.5pp to 27.9% (H1 2025: 50.4%)
reflecting significant discounting of legacy products to reduce stock levels.
Statutory gross margin down 16.6pp to 17.4% (H1 2025: 34.0%)
· Adjusted EBITDA(1) loss reduced to £1.6 million (H1 2025: loss
of £2.1 million)
· Oversubscribed (gross) equity fundraise of £2.75 million
completed on 31 July 2025 at 1 pence per share
· Cash at 30 September 2025 was £2.1 million (31 March 2025: £0.4
million). Cash at 24 November 2025 of £1.65 million
· Revenue for the full year now expected to be between £5 million
and £7 million
H1 2026 H1 2025
Unaudited Unaudited
£m
£m
Change
Adjusted measures(1):
Adjusted gross profit 0.7 1.0 (24%)
Adjusted gross margin 27.9% 50.4% (22.5pp)
Adjusted EBITDA loss (1.6) (2.1) 24%
Adjusted loss before tax (1.9) (2.4) 20%
Statutory measures:
Revenue 2.6 1.9 36%
Gross profit 0.5 0.7 (30%)
Gross margin 17.4% 34.0% (16.6pp)
Operating loss (2.3) (2.5) 10%
Loss before tax (2.3) (2.5) 8%
( )
(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
order/revenue') and larger individual orders greater than £0.5 million
('Material order/revenue').
Commenting on the results, Tom Black, Executive Chairman of Thruvision, said:
"Revenue in the first half grew by 36% to £2.6 million, made up of a number
of smaller orders from new and existing customers, mainly in the US Retail
Distribution market, and a large award from a new government customer in
South-East Asia. However, the UK Retail Distribution market has been much
weaker and this has continued into the second half. As a result, the Board has
concluded that current market expectations for the full year are unlikely to
be achieved and now expects revenue to be between £5 million and £7
million."
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 Capital Ltd (Nominated Adviser & Broker) +44 (0)20 3328 5656
James Reeve / Piers Shimwell (Corporate Finance)
Jos Pinnington / Amrit Nahal (Sales)
About Thruvision
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
capable of detecting concealed metallic and non-metallic 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.
Interim Report
Headlines for the period
Revenue in the first half grew by 36% to £2.6 million (H1 2025: £1.9
million), made up of a number of smaller orders from new and existing
customers, mainly in the US Retail Distribution market, augmented by a large
award from a new government customer in South-East Asia for an entrance
security application. These provided a strong start to the half although
trading slowed considerably over the summer months, as previously reported,
particularly in the UK Retail Distribution market where sales were lower than
the prior period at £0.4 million (H1 2025: £1.0 million). This was
particularly disappointing as the second quarter is typically a strong quarter
for us in UK Retail Distribution. The successful fundraise in July replenished
our cash balances and this, together with the conversion of existing inventory
to cash, resulted in cash of £2.1 million on 30 September 2025 (31 March
2025: £0.4 million). We took proactive steps to streamline operations and
manage cash flow during the period including headcount adjustments.
Strategy and technology update
Our strategy remains largely unchanged, and we remain focused on walk-through
security screening solutions where high-throughput rates of people being
screened is a priority. Although we do encounter competition from alternative
technologies, and legacy solutions such as metal detectors, our 81 Series
solution is class leading.
With our limited resources we are focusing more sharply on our core geographic
markets of the UK and US and also on South-East Asia, where we have achieved
good success in recent years via strong partnerships. Our market segments of
core interest remain Retail Distribution for commercial customers and Customs
and Entrance solutions for government customers.
It is now clear that price is a significant factor for many of our customers,
particularly in our Retail Distribution markets, and we are undertaking two
major initiatives to address this. First, we are re-engineering our products
under our "Box Clever" project which will allow us to reduce the build cost of
our units as we enter FY27. This in turn will allow lower pricing or margin
expansion as appropriate in our various markets. Second, for our UK customers
we now provide the option of a monthly subscription contract as opposed to a
capital purchase, which is designed to address the challenge of limited
available capital budgets, particularly in the Retail sector. We believe that
these initiatives, combined with the imminent launch of a material enhancement
to our operator assistance tools for automatic detection, will increase the
attractiveness of our solutions.
Board changes
Katrina Nurse has informed the Board of her decision to step down as a
Non-Executive Director with effect from 31 December 2025 to pursue other
interests. The Board will not immediately be appointing a replacement but will
continue to review as appropriate. Over the last three years, Katrina provided
valuable insight into the Retail Distribution market for which the Board would
like to record its gratitude, and wishes her well for the future.
Current trading and outlook
Thruvision's revenues come from a mix of regular smaller Core sales,
predominantly from Retail Distribution customers, and less regular Material
orders, typically from governments. The weakness in the UK Retail Distribution
market highlighted above has continued into the second half and, as a result,
the Board has concluded that current market expectations for the full year are
unlikely to be achieved. The Board now expects revenue for the full year to be
between £5 million and £7 million. The lower end of this range is achievable
making reasonable assumptions with respect to conversion of our pipeline of
smaller Core opportunities, with the upper end requiring one of our Material
opportunities to convert to revenue in the second half of the period.
Our gross pipeline of Core opportunities for the remainder of this financial
year is currently over £6 million, is weighted towards the US and is centred
around the Retail Distribution and airport worker screening markets where we
have an expectation of order closures in the near future. Our Material
opportunities pipeline is inevitably larger although predicting the timing of
such sales closures, particularly in government procurement processes, remains
highly challenging. The largest of these is with US Customs and Border
Protection (CBP) where we have an existing contract with significant headroom
remaining available to be spent. Following the reopening of US Government
departments on 12 November, we continue to work actively towards securing
significant unit orders under the contract.
Our balance sheet was strengthened by the equity raise that we undertook in
July. The slowing of order intake since the summer has impacted our cash
resources albeit we retained £1.65 million of cash at 24 November 2025. As
stated in the Going Concern paragraph in note 1 to the Financial Statements
below, we require order intake in line with the bottom of our revised range of
expectations to ensure we can continue to trade without further cash
injection, but believe that the timing of when we expect to land the
opportunities within our pipeline will allow that to occur.
Operational Review
We continue to see growth opportunities across all four of our target market
sectors where there is the need to detect, quickly and reliably, a range of
different items being concealed in clothing.
Retail Distribution
Revenue from Retail Distribution was £1.0 million, down from £1.6 million in
H1 2025. In terms of existing customers, we saw a further three WalkTHRU
lanes for a leading US logistics provider, all of which were 81 Series
equipment, as well as further sales of previous product generations to
existing customers. FGH (Freeman Grattan Holdings) became a new customer
during the period investing in our latest 81 Series equipment. During the
period, several proof-of-concept trials were completed with new and existing
customers, some of which were conducted through our partner Sensormatic. Such
trials are chargeable to customers.
We continue to see significant opportunities within Retail Distribution;
however, retailers are continuing to face a challenging environment,
particularly in the UK with intense competition, structural operating cost
challenges and economic uncertainty which makes capital purchases more
challenging despite the compelling return on investment that our products
offer. In order to provide an alternative to capital expenditure for
potential customers to access our technology in the UK, we have recently
launched, "Screening as a Service", a subscription-based model whereby a
customer pays a fixed monthly fee to utilise our screening solution.
Customs
No significant equipment revenue was received from Customs customers during
the period, however we continued to engage with CBP who placed a number of
small support orders for our existing fleet of units. We remain hopeful of
future equipment orders from this important customer in the future as a result
of the One Big Beautiful Bill Act, despite the government shutdown which
hampered activity in recent months. Although we lacked Customs orders in the
period, we have further Material opportunities in our sales pipeline, in
addition to CBP, to expand our Customs market footprint in FY26 and beyond.
Entrance Security
Revenue was £1.6 million in the half year benefitting from the Material order
from a government customer through our principal Asian value-added reseller
("VAR") as well as our first sale into a UK prison with the 81 Series and
further sales to customers looking to protect government and bank entrances,
principally in Asia, the UK and Poland. During the period we successfully
completed a further paid proof-of-concept at a high-profile sporting event in
the UK calendar for which a more significant rollout is included in our
Material Opportunities pipeline.
Following the initial sale into the UK Prisons market, we have continued to
develop our engagement with senior leadership in the UK Prisons and Probation
estate. Thruvision was the subject of an article in the UK Prisons Handbook
which was released in October 2025 with a wide circulation. There remains a
significant opportunity for us to expand within the UK prisons estate given
our product's mobility and ability to disrupt the circulation of contraband
including weapons, mobile devices and drugs, demonstrated by our ongoing work
with a mainland European prison service. We also have a significant Entrance
Security opportunity in our sales pipeline in FY26 relating to a mass transit
tender in Asia for which the outcome is currently expected in early 2026.
Aviation
Despite TSA in the US mandating increased security screening of all airport
employees as they transition from landside to airside, no equipment orders for
Aviation were received during the period, although we are expecting two orders
from US airports in the coming weeks. The TSA has confirmed publicly that
our solution is compliant with this new mandate, which has an implementation
date of April 2026. We are continuing to see interest from a number of
airports in the US in using Thruvision to comply with this mandate and are
expecting further orders for the mobile, battery-powered version of our 81
Series which is particularly suited to this application.
Product and manufacturing update
We were pleased to confirm that the Thruvision LPCDD7116 (the predecessor of
the 81 series) had been successfully tested following the UK Government
National Protective Security Authority ("NPSA") Discriminative Threat
Detection Systems Test Method. The testing shows that the system is capable of
screening individuals for mass casualty threats. The results are available to
security professionals and buyers interested in detecting both metallic and
non-metallic threats to help them understand detection performance and
throughput to align with their requirements to secure their facility from
current and emerging threats. This is a significant third-party testing
milestone for Thruvision which we anticipate in the medium term could result
in more opportunities from UK Government buying agencies.
To date our product has provided operators with an indication of potential
threats but has left it to them to decide whether or not they warrant
investigation. This contrasts with alternative technologies such as metal
detectors which automatically alert whenever they identify metallic objects.
Our approach, whilst advantageous in reducing false positives requires higher
skill levels from operators in order to be effective. We will soon launch an
automatic alerting feature for our DynamicDETECT software called "DDAlert",
which will deliver increased consistency of detection performance and enable
operators to manage the screening process more effectively. This new feature
is expected to be released in December 2025 and will be offered to existing as
well as new customers on both 81 and 71 Series equipment.
The "Box Clever" build cost reduction project continues to make good progress
with the current expectation that initial savings will be achieved by early
FY27 with further savings expected during that year.
Reseller network
We continue to believe that a strong network of VARs will be vital to enable
us to scale the business although, as part of the changes made to our sales
operation in the last year, we streamlined the number of our partnerships in
order to better focus our attention on those operating within our target
markets. We added Westminster Group plc (AIM: WSG), headquartered in the UK
and WWS in Canada to our network during the period.
Financial Review
Summary
Revenue for the six months ended 30 September 2025 was up 36% to £2.6 million
(H1 2025: £1.9 million), with approximately
£1.6 million derived from the Entrance market, which includes prisons, and
£1.0 million deriving from Retail Distribution sales. There was no
significant revenue from the Customs or Aviation markets in either period.
The Adjusted EBITDA loss decreased by £0.5 million to £1.6 million (H1 2025:
loss £2.1 million), driven by lower staff numbers and tight control of spend
resulting in overheads decreasing by 25% to £2.1 million (H1 2025: £2.8
million), partly offset by Adjusted gross profit down by £0.3 million to
£0.7 million (H1 2025: £1.0 million). Operating loss was £2.3 million (H1
2025: loss £2.5 million).
Adjusted gross margin was lower by 22.5pp to 27.9% (H1 2025: 50.4%) reflecting
significant discounting of legacy product to reduce inventory levels.
Statutory gross margin decreased by 16.6pp to 17.4% primarily due to the
decrease in volumes.
Cash at 30 September 2025 was £2.1 million (31 March 2025: £0.4 million)
following the share issue which raised gross funds of £2.75 million in July
2025.
Revenue
Revenue is split between the two principal activities below:
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
£'000 £'000 £'000
Product 2,309 1,748 3,622
Support and Development 330 187 541
Total 2,639 1,935 4,163
Revenue is split by market sector and geographical region below:
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by market sector £'000 £'000 £'000
Retail Distribution 951 1,638 2,919
Customs 24 83 339
Aviation 8 20 100
Entrance Security 1,656 194 805
Total 2,639 1,935 4,163
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by geographical region £'000 £'000 £'000
UK and Europe 846 1,732 2,460
Americas 453 198 1,228
Middle East and Africa 4 4 12
Asia Pacific 1,336 1 463
Total 2,639 1,935 4,163
Gross profit
Adjusted gross profit decreased by £0.3 million with a positive volume impact
of £0.3 million more than offset by a negative mix impact of £0.6 million.
Adjusted gross margin decreased by 22.5pp to 27.9% (H1 2025: 50.4%),
reflecting significant discounting of legacy product to reduce inventory
levels. Statutory gross margin was similarly 16.6pp lower at 17.4% (H1
2025: 34.0%) although this benefited partly from the impact of lower
production overheads.
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
£'000 £'000 £'000
Revenue 2,639 1,935 4,163
Adjusted gross profit 737 975 1,871
Adjusted gross margin 27.9% 50.4% 44.9%
Statutory gross profit 458 658 1,289
Statutory gross margin 17.4% 34.0% 31.0%
Adjusted gross margin for the second half of the year is expected to improve
compared to that reported in the first half of the year as inventory levels
start to normalise, but is expected to be lower than FY25 due to the
anticipated mix of orders.
Administrative expenses
Administrative expenses were down 14% from £3.2 million to £2.7 million.
Overheads were down by £0.7 million (25%) to £2.1 million. As well as
overheads, administrative expenses include share-based payments and
depreciation and amortisation. Overheads as a proportion of sales were 79% (H1
2025: 144%) with higher sales and continued tight cost control driving the
improvement.
Administrative expenses are analysed as follows:
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Sales, marketing and support 640 1,013 1,854
Engineering 474 506 1,101
Management 343 475 898
PLC costs 357 411 772
Property and administration 252 271 494
Bonus - 59 -
Foreign exchange losses 28 46 42
Overheads 2,094 2,781 5,161
Depreciation and amortisation 262 267 524
Share based payment charge 104 113 140
Exceptional items 262 - 180
Administrative expenses 2,722 3,161 6,005
Overhead costs continued to be closely controlled during the period with no
annual pay rises implemented. Sales, marketing and support expenditure was
lower mainly due to a reduction in sales leadership headcount compared to H1
2025. Management costs are lower due to the CEO and CFO roles being
combined.
Overheads for the second half of the year are expected to be at similar levels
to the first half of the year with lower payroll costs broadly offset by
increased activity levels in the second half for sales and marketing and
R&D.
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. There are no further exceptional items
expected in the second half of the year.
Loss before and after tax and loss per share
Adjusted loss before tax of £1.9 million decreased by 20% (H1 2025: loss
£2.4 million) with statutory loss before tax of £2.3 million decreasing by
8% (H1 2025: loss £2.5 million).
Statutory loss after tax decreased by 8% to a loss of £2.2 million (H1 2025:
£2.4 million) with the adjusted loss after tax of £1.9 million decreasing by
19% (H1 2025: loss £2.3 million).
The loss per share and adjusted loss per share were 0.83 pence and 0.70 pence
respectively (H1 2025: loss per share and adjusted loss per share of 1.51
pence and 1.44 pence respectively) and reflected the movements in the number
of shares in issue as well as adjusted and statutory loss after tax.
Cash flow
Cash and cash equivalents increased during the period by £1.7 million to
£2.1 million as at 30 September 2025, driven principally by the share placing
in July 2025, which raised net proceeds of £2.6 million, partly offset by the
operating cash outflow of £0.5m. Other contributing factors were capital
expenditure of £0.3 million mainly in relation to demonstration equipment for
the recently launched 81 Series range and net other outflows of £0.2
million. The operating cash outflow of £0.5 million is driven by an
Adjusted EBITDA loss of £1.6 million and exceptional items of £0.3 million
partly offset by a net working capital inflow of £1.4 million.
The principal movements in net working capital were as follows.
· A decrease in inventories resulting in a £1.5 million inflow in
the period, with minimal inventory purchases during the period and utilisation
where stock had been purchased in the previous period.
· Trade and other receivables inflow of the period of £0.5 million
driven by lower sales in the second quarter of the half year.
· A decrease in trade and other payables resulted in an outflow of
£0.7 million. Trade payables were lower driven by the significant reduction
in stock purchases in the period to conserve cash given the higher level of
inventory at 31 March 2025.
The Group has an undrawn overdraft facility of £0.1 million with HSBC until
31 May 2026. This is intended to provide the Group with additional working
capital flexibility.
Other
No shares in the Group were purchased during the period by the Employee
Benefit Trust ("EBT") (H1 2025 and FY 2025: 575,555 shares purchased at a cost
of £99,000). The total number of shares held by the EBT at 30 September
2025 was 1,627,112. The EBT was terminated in October 2025.
Thruvision Group plc
Consolidated income statement
Six months ended 30 September 2025
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Revenue 2 2,639 1,935 4,163
Cost of sales (2,181) (1,277) (2,874)
Gross profit 458 658 1,289
Administrative expenses (2,722) (3,161) (6,005)
Operating loss (2,264) (2,503) (4,716)
Financial income 16 56 79
Finance costs (33) (38) (60)
Loss before tax (2,281) (2,485) (4,697)
Taxation credit 48 70 93
Loss for the period (2,233) (2,415) (4,604)
Loss per share
Loss per share - basic and diluted 3 (0.83p) (1.51p) (2.81p)
All operations are continuing.
Consolidated statement of comprehensive income
Six months ended 30 September 2025
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss for the period attributable to owners of the parent (2,233) (2,415) (4,604)
Other comprehensive loss - items that may be subsequently reclassified to
profit or loss:
Exchange differences on retranslation 12 32 18
of foreign operations
Total comprehensive loss attributable to owners of the parent (2,221) (2,383) (4,586)
Thruvision Group plc
Consolidated statement of financial position
at 30 September 2025
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 1,063 1,254 1,190
Other intangible assets 160 125 145
1,223 1,379 1,335
Current assets
Inventories 3,712 4,558 5,177
Trade and other receivables 958 1,264 1,486
Current tax receivable 132 61 84
Cash and cash equivalents 2,111 1,800 374
6,913 7,683 7,121
Total assets 8,136 9,062 8,456
Current liabilities
Trade and other payables (1,299) (1,842) (2,023)
Lease liabilities (192) (240) (215)
Provisions (23) (29) (20)
(1,514) (2,111) (2,258)
Net current assets 5,399 5,572 4,863
Non-current liabilities
Trade and other payables (287) (98) (203)
Lease liabilities (226) (351) (329)
Provisions (110) (110) (110)
(623) (559) (642)
Total liabilities (2,137) (2,670) (2,900)
Net assets 5,999 6,392 5,556
Equity
Share capital 4 4,486 1,611 1,736
Share premium 4,497 3,282 4,497
Capital redemption reserve 163 163 163
Translation reserve 25 27 13
Retained earnings (3,172) 1,309 (853)
Total equity attributable to owners of the Company 5,999 6,392 5,556
Thruvision Group plc
Consolidated statement of changes in equity (unaudited)
Six months ended 30 September 2025
Share capital £'000 Share premium £'000 Capital redemption reserve £'000 Translation reserve £'000 Retained earnings £'000 Total equity
£'000
At 1 April 2024 1,611 3,282 163 (5) 3,710 8,761
Shares issued - - - - - -
Purchase of own shares - - - - (99) (99)
Share based payment charge - - - - 113 113
Transactions with shareholders - - - - 14 14
Loss for the period - - - - (2,415) (2,415)
Other comprehensive income - - - 32 - 32
Total comprehensive income/(loss) - - - 32 (2,415) (2,383)
At 30 September 2024 1,611 3,282 163 27 1,309 6,392
Shares issued net of fees 125 1,215 - - - 1,340
Share based payment charge - - - - 27 27
Transactions with shareholders 125 1,215 - - 27 1,367
Loss for the period - - - - (2,189) (2,189)
Other comprehensive income - - - (14) - (14)
Total comprehensive income/(loss) - - - (14) (2,189) (2,203)
At 31 March 2025 1,736 4,497 163 13 (853) 5,556
Shares issued net of fees 2,750 - - - (190) 2,560
Share based payment charge - - - - 104 104
Transactions with shareholders 2,750 - - - (86) 2,664
Loss for the period - - - - (2,233) (2,233)
Other comprehensive income - - - 12 - 12
Total comprehensive income/(loss) - - - 12 (2,233) (2,221)
At 30 September 2025 4,486 4,497 163 25 (3,172) 5,999
Thruvision Group plc
Consolidated statement of cash flows
Six months ended 30 September 2025
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Loss after tax (2,233) (2,415) (4,604)
Adjustments for:
Taxation credit (48) (70) (93)
Financial income (16) (56) (79)
Finance costs 33 38 60
Depreciation of property, plant and equipment 295 273 550
Amortisation of intangible assets 3 21 31
Share-based payment charge/(credit) 104 113 140
Operating cash outflow before changes in working capital and provisions (1,862) (2,096) (3,995)
Decrease in trade and other receivables 537 950 724
Decrease/(increase) in inventories 1,527 (847) (1,355)
(Decrease)/increase in trade and other payables (655) (68) 194
Increase/(decrease) in provisions 3 (23) (32)
Cash utilised in operations (450) (2,084) (4,464)
Net income taxes received - 108 108
Net cash outflow from operating activities (450) (1,976) (4,356)
Investing activities
Purchase of property, plant & equipment (254) (176) (496)
Purchase of intangible assets (18) (22) (52)
Proceeds from sale of fixed assets 24 - -
Interest received 7 71 98
Net cash outflow from investing activities (241) (127) (450)
Financing activities
Proceeds from issue of shares 2,750 - 1,375
Share issue costs (190) - (35)
Purchase of own shares - (99) (99)
Payments on principal portion of lease liabilities (99) (73) (126)
Interest paid on lease liabilities (19) (26) (48)
Other finance costs (14) (10) (12)
Net cash inflow/(outflow) from financing activities 2,428 (208) 1,055
Net increase/(decrease) in cash and cash equivalents 1,737 (2,311) (3,751)
Cash and cash equivalents at beginning of the period 374 4,119 4,119
Effect of foreign exchange rate changes - (8) 6
Cash and cash equivalents at end of the period 2,111 1,800 374
Notes to the financial statements
1. Accounting policies
Basis of preparation
The consolidated interim financial statements include those of Thruvision
Group plc and all of its subsidiary undertakings (together "the Group") drawn
up at 30 September 2025 and have been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting" ("IAS 34")
as adopted for use in the European Union ("EU"). The consolidated interim
financial statements have been prepared using accounting policies and methods
of computation consistent with those applied in the consolidated financial
statements for the period ended 31 March 2025.
The Group is a public limited company incorporated and domiciled in England
& Wales and whose shares are quoted on AIM, a market operated by the
London Stock Exchange. All values are rounded to £'000 except where otherwise
stated.
Accounting policies
The annual consolidated financial statements of the Group are prepared on the
basis of International Financial Reporting Standards ("IFRS"). The
consolidated interim financial statements are presented on a condensed basis
as permitted by IAS 34 and therefore do not include all the disclosures that
would otherwise be required in a full set of financial statements and should
be read in conjunction with the most recent Annual Report and Accounts which
were approved by the Board of Directors on 18 September 2025 and have been
filed with Companies House. The condensed interim financial statements do not
constitute statutory accounts as defined in Section 435 of the Companies Act
2006 and are unaudited for all periods presented. The financial information
for the 12-month period ended 31 March 2025 is extracted from the financial
statements for that period. The auditors' report on those financial statements
was unqualified and did not contain an emphasis of matter reference and did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The half year results for the current period to 30 September 2025 have not
been audited nor reviewed by auditors pursuant to the Auditing Practices Board
guidance of Review of Interim Financial Information.
Adoption of new and revised International Financial Reporting Standards
The Group's accounting policies have been prepared in accordance with IFRS
effective as at its reporting date of 30 September 2025.
Standards Issued
The standards and interpretations that are issued up to the date of issuance
of the Group's interim financial statements are disclosed below. The Group has
adopted these standards, if applicable, when they became effective. Further
details are disclosed in the 31 March 2025 Annual Report available on the
Group's website: www.thruvision.com.
Accounting developments - new standards, amendments and interpretations issued
and adopted
There were no new accounting standards or amendments requiring disclosure in
the period.
Going concern
The Group's loss before tax from continuing operations for the period was
£2.3 million (H1 2025: £2.5 million). As at 30 September 2025 the Group had
net current assets of £5.4 million (31 March 2025: £4.9 million) including
cash and cash equivalents of £2.1 million (31 March 2025: £0.4 million). The
Group also has an overdraft facility of £0.1 million available until 31 May
2026.
The Board has reviewed cash flow forecasts for the period up to and including
31 December 2026. These base case scenario forecasts and projections reflect
the current view of minimum likely performance and show that if achieved the
Group would be able to operate within the level of current funding resources
and require no funding in excess of currently available facilities in the
forthcoming 12-month period.
These forecasts assume revenue in the second half of the year to be at least
£2.5 million, with approximately £1.0 million expected in the period to the
end of the calendar year, with current inventory levels more than sufficient
to fulfil the forecast for the second half of the year. They then assume
revenue of £5.0 million over the first nine months of the following financial
year, which is expected to include at least two Material orders greater than
£0.5 million. To support the forecasts there exists a pipeline of
opportunities that are currently being worked on with prospective clients.
However, the nature of our sales cycle is that orders may not be won or may
take longer than expected to materialise. Achievement of the forecasts will
require better conversion of the current pipeline than the business has
delivered over the last twelve months. If the forecasts were not achieved,
or if the timing of the orders was delayed more than currently expected, then
the business could potentially require funding in excess of currently
available facilities. The ability of the Company to raise further investment
to fund its activities is uncertain. Therefore, a material uncertainty
exists, that may cast significant doubt on the Company's ability to continue
as a going concern.
However, given the expectation of trading described and despite the
uncertainties set out above, the Directors, in preparing the financial
statements, have adopted the going concern basis which they believe represents
the most reasonable basis in the circumstances.
Notes to the financial statements (continued)
2. Segmental information
The Directors do not split the business into segments in order to internally
analyse the business performance. The Directors believe that allocating
overheads by department provides a suitable level of business insight. The
overhead department cost centres comprise of engineering, sales marketing and
support, property and administration, management and PLC costs, with the split
of costs as shown in the Financial Review.
Analysis of revenue by customer
There has been one (H1 2025: two; FY 2025: two) individually material customer
(each comprising in excess of 10% of revenue) during the period. This customer
individually represented £1,176k of revenue (H1 2025: £565k and £208k, FY
2025: £659k and £642k).
The Group's revenue by market sector, geographical location and type is
detailed below:
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by market sector £'000 £'000 £'000
Retail Distribution 951 1,638 2,919
Customs 24 83 339
Aviation 8 20 100
Entrance Security 1,656 194 805
Total 2,639 1,935 4,163
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by geographical region £'000 £'000 £'000
UK 627 982 1,604
Rest of Europe 219 750 856
Americas 453 198 1,228
Middle East and Africa 4 4 12
Asia Pacific 1,336 1 463
Total 2,639 1,935 4,163
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by type £'000 £'000 £'000
Product 2,309 1,748 3,622
Support and Development 330 187 541
Total 2,639 1,935 4,163
The Group derives its revenue from the provision of goods and services both at
a point in time and over time:
6 months ended 6 months ended Year ended
30 September
30 September
31 March
2025
2024
2025
Revenue by type £'000 £'000 £'000
Revenue recognised at point in time 2,519 1,859 3,990
Revenue recognised over time - extended warranty and support revenue 120 76 173
Total 2,639 1,935 4,163
Notes to the financial statements (continued)
2. Segmental information (continued)
The Group's non-current assets by geography are detailed below:
30 September 2025 30 September 2024
31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
UK 982 1,041 1,094
Europe 88 34 28
United States of America 153 304 213
Total 1,223 1,379 1,335
3. Loss per share
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss after tax (2,233) (2,415) (4,604)
Weighted average number of shares outstanding (total in issue) 269,733,873 161,059,012 165,366,227
Less: weighted average number of shares owned by Employee Benefit Trust (1,627,112) (1,418,953) (1,513,762)
268,106,761 159,640,059 163,852,465
Basic and diluted loss per share (pence) (0.83p) (1.51p) (2.81p)
The inclusion of 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 period.
4. Share capital
As 30 September 2025, there were 448,559,010 Ordinary Shares in issue (31
March 2025: 173,559,010; 30 September 2024: 161,059,012). The Thruvision
Group Plc Employee Benefit Trust held 1,627,112 Shares in the Company (31
March 2025: 1,627,112 Shares; 30 September 2024: 1,627,112 Shares). The EBT
was terminated in October 2025.
APPENDIX - ALTERNATIVE PERFORMANCE MEASURES ('APMs')
Policy
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.
In calculating Adjusted EBITDA loss, Adjusted loss before tax and Adjusted
loss per share, 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 periods.
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
period results and the comparative period.
Based on the above policy, the adjusted performance measures are derived from
the statutory figures as follows:
a) Adjusted gross profit
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Gross profit 458 658 1,289
Add back:
Production overheads 279 317 582
Adjusted gross profit 737 975 1,871
b) Adjusted EBITDA
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Statutory operating loss (2,264) (2,503) (4,716)
Add back:
Depreciation and amortisation 298 294 581
Exceptional items 262 - 180
Share-based payment charge/(credit) 104 113 140
Adjusted EBITDA (1,600) (2,096) (3,815)
c) Adjusted loss before tax
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Statutory loss before tax (2,281) (2,485) (4,697)
Add back:
Exceptional items 262 - 180
Share-based payment charge/(credit) 104 113 140
Adjusted loss before tax (1,915) (2,372) (4,377)
d) Adjusted loss per share
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Statutory loss after tax (2,233) (2,415) (4,604)
Add back:
Exceptional items 262 - 180
Share-based payment charge/(credit) 104 113 140
Adjusted loss after tax (1,867) (2,302) (4,284)
Weighted average number of shares 268,106,761 159,640,059 163,852,465
Statutory loss per share (pence) (0.83p) (1.51p) (2.81p)
Adjusted loss per share (pence) (0.70p) (1.44p) (2.61p)
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