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(Alliance News) - Thruvision Group PLC reported on Friday that its annual revenue increased and its pretax loss narrowed, citing a higher sales performance.
Revenue was up 49% to GBP12.4 million from GBP8.4 million the previous year, with the company benefitting from a multi-year framework contract awarded by US Customers & Border Protection.
Pretax loss in its year ended March 31 narrowed to GBP1.0 million, from GBP1.9 million the prior year, with the company stating that this was due to increased sales of higher-performance products and software.
Adjusted earnings before interest, tax, depreciation, and amortization was GBP200,000, down from GBP1.7 million year-on-year. This was caused by a GBP500,000 bonus being awarded across the company, up from GBP100,00, which the company believes is in the "best long-term interests" of the group.
Chief Executive Colin Evans 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."
Cash balance on March 31 was GBP2.8 million, down from GBP5.4 million the prior year.
Thruvision said that it believes it will continue to grow well and become the "solution of choice" for walk-through security.
"We believe that our target markets are significant and should impose no foreseeable limits on our growth. Our growing sales team will focus equally on acquiring new customers, particularly in the US, and on increasing the Thruvision presence with existing customers," the company said.
Shares in Thruvision were down 4.9% at 29.00 pence in London on Friday morning.
By Will Neill, Alliance News reporter
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