Thruvision Group plc release their results for the Year ended 31 March 2019.
- Strong revenue growth to £6.0 million (2018: £3.1 million) with operating loss before tax reduced to £2.1 million (2018: £2.5 million);
- Adjusted loss before tax* of £1.7 million (2018: £2.9 million)
- Strong growth in the number of Thruvision units sold to 109 (2018: 57) with eleven new customers acquired, including US State Department's Bureau of International Narcotics and Law Enforcement (INL);
- Further unit sales to seven existing customers in Loss Prevention and Transport who expanded the deployment of Thruvision units across a larger number of sites;
- Thruvision approved for operational use by US Government's Transportation Security Administration (TSA) in the mass transport market;
- Orders that were delayed by the US Government shut-down in early calendar 2019 have been received since the period end and are in the process of being delivered;
- Completed formal process of separating Digital Barriers from the Group, resulting in £0.2 million of one-off costs incurred and subsequent return of £3.3 million to shareholders through a Tender Offer in August 2018;
- Cash at 31 March 2019 of £9.4 million (31 March 2018: £17.6 million).
*Adjusted loss before tax is defined as loss before tax from continuing operations, adding back share-based payments, share buyback costs and financing set up fees.
Commenting on the results, Colin Evans, Chief Executive, said:
"This has been a year of important transformation - we have nearly doubled our revenues, significantly increased our manufacturing capacity, and strengthened our sales leadership. During the year we won orders from new customers and saw further sales to existing customers in the Loss Prevention and Transportation markets. While we experienced some delays following the US Government shut-down in early 2019, those orders have been received since the period end.
Looking forward, market interest continues to grow as brand awareness builds and sales momentum into the new financial year has been maintained. The Board remains confident about the company's prospects for the future, and its ability to exploit a significant new niche in the international security market."