Thruvision Group PLC – Interim Results

Thruvision Group PLC – Interim Results

Thruvision (AIM: THRU) the specialist provider of people-screening technology to the international security market announces its unaudited results for the six months ended 30 September 2019.

Key Highlights

·      Revenues for the six months ended 30 September 2019 grew 53% to £4.8 million (H1 2018: £3.2 million)

·      Operating loss before tax reduced to £0.4 million (H1 2018: £0.8 million)

·      Expanded product range with new higher performance units, targeted at specific market segments, gaining traction

·      A total of 64 Thruvision units shipped in the first half across our four target markets (H1 2018: 60 units) with product mix shifting towards higher performance units

·      Broad-based success across our market segments, highlights include:

Strong progress in the strategically important US market with US Customs and Border Protection and Los Angeles World Airports added as new customers;

Morrisons and Sports Direct became our ninth and tenth household name Loss Prevention customers;

Macau Customs was added as our seventh international Customs agency customer, with Hong Kong Customs purchasing further units;

Ongoing strategic progress made with US Transportation Security Administration.

·      Cash at 30 September 2019 of £8.7 million, with cash at 22 November 2019 of £10.0 million

 

Summary of Results

30-Sep-19

30-Sep-18

FY 2019

Unaudited

Unaudited

Audited

Number of units sold

64

60

109

£’000

£’000

£’000

Revenue

4,835

3,169

5,981

Gross Profit

2,314

1,243

2,327

Gross Margin

48%

39%

39%

Overheads

(2,740)

(2,083)

(4,440)

Operating (loss)

(426)

(840)

(2,113)

 

Commenting on the results, Colin Evans, Chief Executive of Thruvision, said:

“We are pleased to report good commercial momentum in the first half of this year. We continued to win new customer orders, especially in the US, demonstrating growing awareness of our technology and its competitive advantages in providing fast and effective security screening of people. With continued demand from existing customers and further strengthening of our brand internationally, we remain confident about the company’s prospects for the future.”

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