Thruvision revenue dips; loss widens in line with expectations

(Alliance News) - Thruvision Group PLC on Friday was optimistic looking ahead, despite reporting a drop in annual revenue.

Thruvision is an Abingdon, England-based people-screening technology provider.

Revenue is expected to be GBP7.8 million in the financial year ended March 31, down from GBP12.4 million a year earlier.

Thruvision explained that revenue it made up primarily by Entrance Security, new Customs agency sales and Retail Distribution.

"The revenue reduction can be attributed to the previously announced lack of further significant orders from US Customs and Border Protection," it added.

Adjusting for the impact of this single customer, revenue growth was 85% to GBP7.6 million, up from GBP4.1 million on a like-for-like basis.

Adjusted loss before interest, tax, depreciation and amortisation is expected to widen to GBP2.5 million from a loss of GBP200,000. It noted that this is in line with market expectations.

Chief Executive Colin Evans commented: "The fact that we are, post Covid, once again operating in four distinct end markets underpins our confidence in our future growth and our expectation that we will reach profitability in the short-term."

Shares in Thruvision were down 1.7% to 17.70 pence each in London on Friday afternoon.

By Sophie Rose, Alliance News senior reporter

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