REG - Thruvision Group PLC - Year end trading update

ThruvisionAnnouncement

21/04/2023 07:00

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RNS Number : 9714W  Thruvision Group PLC  21 April 2023

21 April 2023

Thruvision Group plc

 

Year end trading update

 

Thruvision (AIM:THRU, "Thruvision" or the "Group"), the leading provider of
walk-through security technology, today publishes a trading update for the
financial year ended 31 March 2023.

 

·    Revenue is expected to be in the order of £12.4 million (FY22: £8.4
million), representing growth of approximately 48%.

·    The Board anticipates that the Adjusted EBITDA loss will be in the
region of £0.2 million (FY22: loss of £1.7 million).

·    Cash balance on 31 March 2023 was £2.8 million (31 March 2022: £5.4
million), reflecting the post year-end timing of payments for orders delivered
in February and March.

 

 

Colin Evans, Chief Executive, commented:

 

"We had a break-through year in terms of record revenues, up almost 50%. We
are building out our leading position as a mainstream provider of walk-through
security technology and increasing our market share in a number of growing and
established markets.

 

"Our focus on two of these markets, international Customs Agencies and Retail
Distribution, allowed us to deliver a resilient performance, despite the
challenging economic backdrop.

 

"With a framework purchasing agreement in place with US Customs and Border
Protection (CBP), and our retail customers reporting a rapid return on
investment after purchasing our technology, we remain confident that these
markets will deliver long-term profitable growth."

 

Customs Agencies

 

The two CBP awards, announced in September 2022, were a key strategic
milestone. During H2, we successfully delivered all the upgraded and new
high-performance systems that had been ordered. Over half of these have
already been deployed by CBP with further significant operational success.

 

Once this deployment process is complete, CBP will be using well over 100 of
our latest systems to screen migrants and travellers for contraband at a range
of land border crossings, international airports and cruise liner terminals.

 

With the multi-year CBP framework purchasing agreement secured in September
2022 we expect further orders, noting that CBP normally places new orders
during the latter part of the US Government fiscal year, which ends on 30
September.

 

The adoption by CBP of our technology assists our broader sales efforts with
other international Customs Agencies. We delivered an order for a sixth
tranche of cameras to an existing Asian customer in March and have several
other significant opportunities with other Customs Agencies, where we expect
to see progress in FY24.

 

 

 

 

Retail Distribution (previously called Profit Protection)

 

Performance in our Retail Distribution market remained resilient in the face
of challenging conditions for our customers. Despite these difficulties, we
made progress in opening up Europe and the US, and we continued to add new
customers as well as receiving further orders from existing customers.

 

Employee theft remains problematic for the retail industry. We remain
confident that the very rapid return on investment reported by our Retail
Distribution customers means that our performance in this market will return
to growth as economic conditions recover.

 

New product development and manufacturing

 

The Group continued to build on its market-leading reputation by successfully
launching its "WalkTHRU" security technology during the period. This
dual-camera lane allows 100% of people working in a facility to be screened
quickly and effectively, so maximising the security deterrence of the
technology.

 

Bringing together advances in sensor technology with our latest AI-based
software algorithms, our WalkTHRU lane offers a unique combination of
high-throughput rate and excellent detection performance, and has now been
deployed by customers in the UK, US and Europe.

 

As part of its product strategy, the Group will be launching a series of new
products and product upgrades in FY24, encompassing further hardware and image
processing innovations.

 

We achieved a new manufacturing record during the final quarter, with 40
systems produced in a single month.

 

 

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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