Last checked at 18 Sep 2020 07:00
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18 September 2020
Thruvision Group plc
("Thruvision" or the "Company")
Contract award announcement
Thruvision (AIM: THRU) the specialist provider of people-screening technology to the international security market, is pleased to announce a strategically important contract award by the US Government's Customs and Border Protection (CBP) for further units and associated support services totalling $4.9 million, of which $4.3 million is expected to be delivered in FY21. This latest award, in line with the Company's expectations, is a follow-on order by CBP to that of $3.0 million made in 2019.
Commenting on the award, Colin Evans, Chief Executive, said "We are delighted that CBP has added to its existing fleet of Thruvision units. This award reinforces Thruvision's international standing as a first choice provider of security technology which, in this era of COVID-19, eliminates the close-proximity physical searching, or 'patting-down', of individuals."
Ongoing travel restrictions and challenges with getting onto customer sites to run operational trials are still hampering our ability to progress sales opportunities with new customers. However, this award means Thruvision expects to deliver financial results for H1 broadly similar to the same period in FY20. The aviation sector has been severely affected by COVID-19 and our business here has inevitably suffered during the period. Nonetheless, we continue to make good progress with aviation regulatory approvals which is critical for the longer-term. Equally, although the pandemic has adversely affected the broader retail sector, interest levels in our Profit Protection business have held up reasonably well and our confidence in our medium-term prospects in this sector has strengthened.
For further information please contact:
Thruvision Group plc +44 (0)1235 436180
Tom Black, Executive Chairman
Colin Evans, Chief Executive
Investec Bank plc +44 (0)20 7597 5970
James Rudd / Sebastian Lawrence / Patrick Robb
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Shamma Kelly
About Thruvision
Thruvision is the leading provider of safe distance, people security screening technology. Using patented passive terahertz technology, Thruvision is uniquely capable of detecting metallic and non-metallic threats including weapons, explosives and contraband items that are hidden under clothing, at distances between 3m and 10m. Addressing the growing need for safe, fast and effective security, Thruvision completely removes the need for physical "pat-downs" and has been vetted and approved by the US Transportation Security Administration for surface transportation. Operationally deployed in 20 countries around the world, Thruvision is used for aviation and transportation security, retail supply chain loss prevention, facilities and public area protection and customs and border control. The company has offices near Oxford, and in Washington DC.
www.thruvision.com