REG - Thruvision Group PLC - Year End Trading Update and Board Changes

ThruvisionAnnouncement

04/04/2022 07:00

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RNS Number : 0461H  Thruvision Group PLC  04 April 2022

4 April 2022

 

Thruvision Group plc

 

("Thruvision" or the "Group")

 

Year End Trading Update and Board Changes

 

Thruvision (AIM:THRU), the leading provider of "safe distance"
people-screening technology to the international security market, is pleased
to provide an update on trading for the financial year ended 31 March 2022.

 

Overview

 

As expected, the second half of our financial year showed a significant
improvement over the first, driven by a considerable increase in our Profit
Protection revenues and further orderflow for US Customs and Border Protection
(CBP). Full year revenue is expected to be around £8.4 million (FY21: £6.7
million) and our cash balance has increased since the half year to £5.5
million on 31 March 2022 (30 September 2021: £4.1 million; 31 March 2021:
£7.3 million).

 

Trading update

 

Full year Profit Protection revenue performance was very strong, increasing
more than 70% over the prior year. We received a significant order from Tesco
in our second half and added 3 further new profit protection customers
including our first major European customer, Zalando. We were also very
pleased with the level of follow-on orders from customers who made their
initial purchases in FY21 including CEVA Logistics and ASOS, and by
established customers such as Next and Boots who started upgrading their
people screening fleets during the year. In the US, our strengthened Profit
Protection team secured an initial order from Republic National Distributing
Company (RNDC), one of the US's largest alcohol distributors operating across
38 states. Given our strengthening sales pipeline and the very evident size of
market opportunity in the US, we will continue to actively pursue  growth
here.

 

As reported in our Interim Results in November, we supported US CBP in
deploying its existing units to the Southern Border to enable it to manage the
very high levels of migration there. This close engagement has proven the
significant value our solution provides, both in terms of actual seizures of
drugs and cash, and the very positive feedback from front-line officers. As a
result, we received material orders in the second half to start the process of
upgrading CBP's existing 8-channel cameras to the latest, 16-channel model, a
process that will extend into FY23. At the very end of our financial year CBP
publicly announced procurement plans to acquire significant numbers of
additional "passive body scanners" during 2022 and beyond and this gives us
confidence that further orders will follow in the coming months.

 

In Aviation, some further progress has been made through the US Government's
Transportation Security Administration (TSA) accreditation process, although
this remains very slow. We have also started a similar process with the
Israeli Government which is in its early stages but currently moving more
quickly. As confirmed recently by US Congress, contactless aviation security
remains an important post-COVID priority and, with global aviation now
recovering well, we continue to focus on national accreditations to enter this
market fully.

 

With the broader effects of COVID starting to recede, several new
international government agency opportunities have emerged. Also, previously
stalled engagements with other customs authorities and prison services are
starting to move forward again giving us confidence for additional revenue
from the broader international market in FY23.

 

Board changes

 

We are delighted to announce the addition of another non-executive director,
Katrina Nurse (age 50), to our Board with effect from 1 April 2022. Katrina is
a highly experienced CFO from the retail sector with a track record of growing
businesses including Selfridges, Pentland Group, Arcadia Group and most
recently Asda. Katrina will join the Audit, Remuneration and Nomination
committees of the Group and will also chair a new Profit Protection Advisory
Board which aims to increase the visibility of Thruvision's technology to more
senior retail industry executives across the UK, US and Europe.

 

We also announce that, after three years with the business, Adrian Crockett.
our Finance Director, will be leaving the company in April 2022. Adrian has
managed our resources diligently through COVID, assisted us to prepare for
scaling the company globally and helped drive our revenue growth as markets
have recovered and we are grateful for his contribution. We have appointed an
experienced interim Finance Director, Chris Mann, and have initiated a process
to appoint a permanent successor. We thank Adrian for his efforts and wish him
well as he embarks on the next stage of his career.

 

Outlook

 

Our markets have now substantially recovered from the negative effects of
COVID, and we believe we are now firmly back on a growth trajectory. The
pandemic has strengthened the need for contactless people security screening
and this is most evident in Profit Protection where increasing traction in the
US and Europe means we are very positive about the Group's prospects. With
operational successes and front-line demand, we are also increasingly
confident about significant growth with CBP. As a result of this positive
momentum in our two main markets, we are confident of good growth in FY23 and
beyond.

 

 

For further information please contact:

 

Thruvision Group plc
                                    +44 (0)1235 425400

Tom Black, Executive Chairman

Colin Evans, Chief Executive

 

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

Patrick Robb / James Rudd / Sebastian Lawrence

 

FTI Consulting
LLP
+44 (0)20 3727 1000

Matt Dixon / Tom Blundell

 

 

 

 

 

Additional disclosures in respect of the appointment of Katrina Nurse

 

As at the date of this announcement, Katrina Nurse does not have any
beneficial interest in the ordinary shares of the Company.

 

Katrina Nurse has, in the last five years, been a director of the companies
listed below.

 

 Company                              Appointed   Resigned
 UK Biocentre Ltd                     01/09/2021  Current
 Fashion & Retail Awards Ltd          01/10/2020  Current
 FRA Enterprises 2020                 01/11/2019  19/11/2020
 Pentland Brands Overseas Agency Ltd  02/01/2019  30/09/2020
 Prostar Sports Ltd                   02/01/2019  30/09/2020
 Berghaus Ltd                         02/01/2019  30/09/2020
 Canterbury European Fashionwear Ltd  02/01/2019  30/09/2020
 Pentland Brands Ltd                  02/01/2019  30/09/2020
 Pentland Brands UK Distribution Ltd  02/01/2019  30/09/2020
 Speedo International Ltd             02/01/2019  30/09/2020
 Ellesse Ltd                          02/01/2019  30/09/2020
 Canterbury of New Zealand Ltd        02/01/2019  30/09/2020
 Pentland KM Ltd                      02/01/2019  30/09/2020
 Red or Dead Ltd                      02/01/2019  30/09/2020
 Canterbury Ltd                       02/01/2019  30/09/2020
 Pentland Brands Lakeside Ltd         02/01/2019  30/09/2020
 Boxfresh International Ltd           02/01/2019  30/09/2020
 Mitre Sports International Ltd       02/01/2019  30/09/2020
 Pentland Brands Greenhouse Ltd       02/01/2019  30/09/2020
 First Retail UK Ltd                  02/01/2019  30/09/2020
 Airborne Footwear Ltd                02/01/2019  30/09/2020
 Selfridges Properties Ltd            20/01/2014  31/10/2018
 Selfridges Holdings Ltd              20/01/2014  31/10/2018
 Selfridges Retail Ltd                20/01/2014  31/10/2018
 SRL Scotland Ltd                     20/01/2014  31/10/2018
 SFP Holdings Ltd                     15/01/2018  31/10/2018
 Selfridges EU Deliveries Ltd         01/09/2014  31/10/2018
 Selfridges Manchester Ltd            07/12/2017  31/10/2018
 Selfridges & Co Ltd                  20/01/2014  31/10/2018
 Dupict Properties Ltd                22/05/2014  31/10/2018
 Selfridges worldwide Deliveries Ltd  01/09/2014  31/10/2018
 Selfridges Financing Ltd             07/12/2017  31/10/2018

 

There is nothing further to disclose in relation to the appointment of Katrina
Nurse under Schedule Two, Paragraph (g) of AIM Rules for Companies.

 

 

 

About Thruvision

 

Addressing the urgent need for "safe distance" people security screening in
the post-COVID era, Thruvision is uniquely capable of detecting metallic and
non-metallic items including weapons, explosives and contraband items that are
hidden under clothing, at distances between 3 and 10m. Using patented passive
terahertz technology, Thruvision completely removes the need for physical
"pat-downs" and has been vetted and approved by the US Transportation Security
Administration for surface transportation. Operationally deployed in 20
countries around the world, Thruvision is used for aviation security, retail
supply chain loss prevention, customs and border control, and public area
security. The company has offices near Oxford and Washington DC.

 

 

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

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