(Alliance News) - Thruvision Group PLC on Monday said its loss narrowed in its recently-ended financial year as revenue from the Americas jumped sharply.
The company, which provides people-screening technology for use in international security, said pretax loss for its year ended March 31 was GBP1.5 million. In financial 2019, its loss was GBP2.1 million.
The narrowed loss came as revenue rose 33% to GBP8.0 million from GBP6.0 million thanks to a quadrupling of Americas revenue to GBP4.3 million from GBP975,000 - more than offsetting a decline in UK and Europe, Asia-Pacific, and Middle East and Africa revenue.
As at March 31, Thruvision's cash stood at GBP8.4 million, down from GBP9.4 million the year before.
Chief Executive Colin Evans said: "We have had a positive year, albeit affected in the latter stages by the Covid-19 pandemic. Our three key markets of Profit Protection, Customs and, most recently, Aviation have all performed well, validating our decision to place our focus in these areas. Looking forward, each of these markets is strongly driven by the requirement for 'safe distance' security measures and the need to remove physical 'patdowns'. I have been encouraged by the increased interest in our technology and resulting new sales opportunities in recent weeks.
"Our broadening product range, robust balance sheet and the strength of our sales pipeline mean we are well positioned to continue to trade through this difficult period and we remain confident about our medium-term prospects."
Shares in Abingdon-headquartered Thruvision were up 1.3% at 19.25 pence in London on Monday.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Thruvision Grp (THRU)