26
April 2024
Thruvision Group
plc
Year-end trading
update
Thruvision (AIM: THRU, "Thruvision" or the
"Group"), the leading international provider of walk-through
security technology, today
publishes a trading update
for the financial year ended
31 March 2024
("FY24").
·
Revenue is expected to be in the order of £7.8
million (FY23: £12.4 million), made up primarily by Entrance
Security, new Customs agency sales and Retail
Distribution.
·
Adjusted gross margin* remained strong and
improved to 53.0% (FY23: 51.5%).
·
The revenue reduction can be attributed to the
previously announced lack of further significant orders from US
Customs and Border Protection (CBP) in FY24.
·
Adjusting for the impact of this single customer,
revenue growth was 85% to £7.6 million (FY23: £4.1 million) on a
like-for-like basis, demonstrating strong broad-based growth in
demand for our solutions.
·
US Transportation Security Administration (TSA)
has recently changed its policy to require increased security
screening of aviation employees, which has led to a meaningful
pick-up in sales enquiries which we expect to lead to new sales in
FY25.
·
Approximately 70% of revenue came from the Group's
existing customer base, most of whom were upgrading to our WalkTHRU
solution.
·
Adjusted EBITDA loss* is expected to be in the
region of £2.5 million (FY23: loss of £0.2 million), which is in
line with market expectations.
·
Cash balance on 31 March 2024 was £4.1 million (31
March 2023: £2.8 million). The Group has no debt.
Colin Evans, Chief Executive,
commented:
"Almost all demand we are now experiencing is for our WalkTHRU
technology where our latest AI-based image processing software is
further strengthening our market leadership.
The very strong revenue growth we achieved from customers
outside of US Customs and Border Protection (CBP) is encouraging.
In particular, the worsening geopolitical climate resulted in very
strong interest from the Entrance Security market, a trend we
expect to see continue. The Group's multi-year CBP framework
purchasing agreement remains in place for when Congressional
funding support returns and recent policy changes are now driving
demand from US Aviation.
The fact that we are, post COVID, once again operating in four
distinct end markets underpins our confidence in our future growth
and our expectation that we will reach profitability in the
short-term."
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)
Thruvision is the leading developer,
manufacturer and supplier of advanced AI-based walk-through
security technology internationally. 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 advanced
AI-based detection algorithms.
The Group's offices are near Oxford
and Washington DC.
* Adjusted EBITDA loss is
defined as statutory operating loss before depreciation and
amortisation, share based payments and impairment of intangible
assets. Adjusted gross margin is defined as the statutory
gross margin excluding production overheads.