RE: Contract Award13 Mar 2026 20:50
From last interims….
Current trading and outlook
Thruvision's revenues come from a mix of regular smaller Core sales, predominantly from Retail Distribution customers, and less regular Material orders, typically from governments. The weakness in the UK Retail Distribution market highlighted above has continued into the second half and, as a result, the Board has concluded that current market expectations for the full year are unlikely to be achieved. The Board now expects revenue for the full year to be between £5 million and £7 million. The lower end of this range is achievable making reasonable assumptions with respect to conversion of our pipeline of smaller Core opportunities, with the upper end requiring one of our Material opportunities to convert to revenue in the second half of the period.
Our gross pipeline of Core opportunities for the remainder of this financial year is currently over £6 million, is weighted towards the US and is centred around the Retail Distribution and airport worker screening markets where we have an expectation of order closures in the near future. Our Material opportunities pipeline is inevitably larger although predicting the timing of such sales closures, particularly in government procurement processes, remains highly challenging. The largest of these is with US Customs and Border Protection (CBP) where we have an existing contract with significant headroom remaining available to be spent. Following the reopening of US Government departments on 12 November, we continue to work actively towards securing significant unit orders under the contract.
Our balance sheet was strengthened by the equity raise that we undertook in July. The slowing of order intake since the summer has impacted our cash resources albeit we retained £1.65 million of cash at 24 November 2025. As stated in the Going Concern paragraph in note 1 to the Financial Statements below, we require order intake in line with the bottom of our revised range of expectations to ensure we can continue to trade without further cash injection, but believe that the timing of when we expect to land the opportunities within our pipeline will allow that to occur.
Based on what we’ve seen so far come in H2, company is still on track here to meet revised expectations and a robust set of full year figures to build on into next financial year. Anything coming in between now and mth end will be a welcome bonus.
But all in all a much healthier business model being built here and new look BOD looking capable to deliver which is very Important
GLA
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