Last checked at 2 Apr 2019 07:00
2 April 2019
Thruvision Group plc
("Thruvision" or the "Group")
Pre-close Trading Update
Thruvision (AIM: THRU) the specialist provider of people-screening technology to the international security market, is pleased to provide an update on trading for the year to 31 March 2019.
Good momentum was maintained across all four of the Group's key markets, with a further 50 units delivered to customers in H2. This brought the full year total to 109 units (FY18: 57 units) with revenues expected to be in the order of £6.0 million (FY18: £3.1 million). Cash at 31 March 2019, following the return of cash to shareholders in August 2018, was £9.4 million (31 March 2018: £17.4 million).
Second half sales included a third order from an existing Asian government customer for transportation security, repeat orders from four existing Loss Prevention customers (Next, Sony, Boots and Hermes), and Matalan becoming a new customer. Good progress was made in our Customs market with UK Border Force, US State Department's Bureau of International Narcotics and Law Enforcement Affairs and a national European Customs agency all purchasing units for the first time.
Our sales pipeline continues to build, especially in the US. Although activity here was affected by the government shutdown early in 2019, several initiatives in the Customs and Aviation Security markets are now gathering momentum and our broader strategic sales pipeline in these areas continues to strengthen. Manufacturing ramp up by our US partner company has been successful.
The combination of new customer wins, strong progress in the US and repeat customer purchases in both our Asia and Loss Prevention markets, supports the Board's confidence in the strategic prospects for the Group.
For further information please contact:
Thruvision Group plc +44 (0)20 3553 5888
Tom Black, Executive Chairman
Colin Evans, Managing Director
Investec Investment Banking (NOMAD & Broker) +44 (0)20 7597 5970
Andrew Pinder / Sebastian Lawrence / Patrick Robb
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Harry Staight
About Thruvision
Thruvision Group plc is a specialist provider of people-screening technology that can safely see weapons, explosives and contraband hidden in peoples' clothing. Developed with extensive support from the British and US Governments, Thruvision technology is operationally proven and is being used to enhance the security of transport hubs, borders, high profile buildings and public areas.
www.thruvision.com