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







Statutory measures:  
Revenue1 12.4 8.4 +49%
Gross profit3 5.8 3.4 +71%
Gross margin3 47.0% 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 profit 6.4 3.9 +64%
Adjusted gross margin 51.5% 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."


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