(Alliance News) - Thruvision Group PLC on Monday hailed business growth as it reported a lower half-year loss on the back of higher revenue.
The Abingdon, England-based people-screening technology provider said in the six months to September 30, pretax loss narrowed 17% to GBP1.6 million from GBP1.9 million a year prior. Revenue jumped 28% to GBP3.5 million from GBP2.8 million.
Cost of sales increased 15% to GBP1.9 million from GBP1.7 million.
Looking ahead, the company said that its business was resilient and had good levels of non-customs & border protection growth.
"With geopolitical risks driving a strong bounce-back performance in our entrance security market, and continued strategic progress in retail distribution, our unique technology is being successfully used by a growing number of major international organisations," Thruvision said.
It added that it saw opportunities from formal change in US government policy regarding aviation.
"US airports are soon to be required to upgrade their approach to the security screening of staff as they go to work on the 'airside' of an airport. Although in the early stages of development, this opportunity is expected to mature over the next two years and, based on the four years of operational experience we have gained with Seattle Tacoma International Airport, we are very well placed to provide approved technology to meet this requirement," Thruvision said.
Thruvision shares rose 4.8% to 20.96 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Thruvision Grp (THRU)