Results for the year ended 31 March 2023-THRUVISION GROUP PLC

Results for the year ended 31 March 2023-THRUVISION GROUP PLC

Results for the year ended 31 March 2023

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

Key Highlights

·Revenue was up 49% to £12.4 million (2022: £8.4 million).
·Multi-year framework contract awarded by US Customs and Border Protection ('CBP') and related orders from the same customer delivered revenue of £8.3 million (2022: £3.7 million).
·Adjusted gross margin2 up 4.8pp to 51.5% resulting from positive product mix and higher margin software revenue, with statutory gross margin3 growing 6.2pp to 47.0% reflecting production efficiencies.
·Adjusted EBITDA2 loss was £0.2 million (2022: loss £1.7 million).
·Operating loss was £1.0 million (2022: loss £1.9 million)
·Cash balance as at 31 March 2023 was £2.8 million (31 March 2022: £5.4 million), with cash at 20 July 2023 of £2.4 million.
 

Continuing operations

2023

£m

2022

£m

 

Change

Statutory measures: 
Revenue112.48.4+49%
Gross profit35.83.4+71%
Gross margin347.0%40.8%+6.2pp
Operating loss(1.0)(1.9)+48%
Loss before tax(1.0)(1.9)+48%
Loss per share (pence)(0.55)(1.14)+52%
Alternative measures2: 
Adjusted gross profit6.43.9+64%
Adjusted gross margin51.5%46.7%+4.8pp
Adjusted EBITDA loss(0.2)(1.7)+87%
Adjusted loss before tax(0.8)(2.3)+62%
Adjusted loss per share (pence)(0.46)(1.39)+67%

1 Re-translation of 2023 US$ entity revenues at prior year exchange rates results in a constant currency increase in Group revenue of 37%.

2 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.

3 As restated see note 5.

Commenting on the results, Colin Evans, Chief Executive, said: "In this breakthrough year, which saw revenues jump by 49%, we have now taken a significant step forward towards meeting our key strategic objectives of becoming the leading provider of walk-through security technology to the international market and delivering sustainable profitability as a Group.

We are delighted to be first to market with our unique, new WalkTHRU solution. Walk-through security - the ability to screen 100% of people for all types of concealed items at walking pace - is seen by many customers as their ultimate requirement, and we are seeing strong interest in our new capability. 

With the award of a multi-year US CBP contract and the addition of further flagship retailers as customers, we have secured our market-leading position in the International Customs Agency and Retail Distribution markets. We believe that our existing revenue base in these markets, combined with their significant potential, provides a robust base from which we can profitably grow the Group."

For further information please contact:

Thruvision Group plc

Colin Evans, Chief Executive

Victoria Balchin, Chief Financial Officer

+44 (0)1235 425400
Investec Investment Banking (NOMAD & Broker)

James Rudd / Patrick Robb / Sebastian Lawrence

+44 (0)20 7597 5970
 
Meare Consulting

Adrian Duffield

+44 (0) 7990 858548

About Thruvision (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 has offices and manufacturing capability 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.

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