Thruvision (AIM: THRU) the specialist provider of people-screening technology to the international security market, is pleased to provide an update on trading for the six months ended 30 September 2019, the first half of the Group’s financial year.
The Group has continued to drive good commercial momentum, with revenues increasing by 50% to £4.8 million (H1 FY19: £3.2 million). This was based on delivering 64 units to customers (H1 FY19: 60), of which a greater proportion in this period were high-end units helping to deliver stronger revenues and gross margins than in prior years. Cash at 30 September 2019 remained healthy at £8.7 million (31 March 2019: £9.4 million).
Sales momentum was particularly strong in our Customs market segment. Thruvision’s combined strengths of safe and non-intrusive technology, along with an ability to reliably detect non-metallic items like drugs and bank notes, is helping to cement the Group’s leading position in this international market. During the period Macau Customs and US Customs and Border Protection became our seventh and eighth customers respectively, while Hong Kong Customs and the US State Department’s Bureau of International Narcotics & Law Enforcement Affairs both returned to purchase additional units in the period.
Good strategic progress continued to be made in our aviation segment with Thruvision being purchased by Los Angeles International Airport for employee screening purposes, and further technical progress made toward being approved for use in passenger screening in US airports by the TSA’s Innovation Task Force.
In Loss Prevention, Morrisons became an important new customer in the grocery sector. Following this important win, the Group’s new Loss Prevention sales team has significantly strengthened its sales pipeline in this area, with existing customers continuing to report a rapid return on investment when purchasing Thruvision units.