Last checked at 3 Oct 2019 07:00
3 October 2019
Thruvision Group plc
("Thruvision" or the "Group")
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 six months ended 30 September 2019, the first half of the Group's financial year.
The Group has continued to drive good commercial momentum, with revenues increasing by 50% to £4.8 million (H1 FY19: £3.2 million). This was based on delivering 64 units to customers (H1 FY19: 60), of which a greater proportion in this period were high-end units helping to deliver stronger revenues and gross margins than in prior years. Cash at 30 September 2019 remained healthy at £8.7 million (31 March 2019: £9.4 million).
Sales momentum was particularly strong in our Customs market segment. Thruvision's combined strengths of safe and non-intrusive technology, along with an ability to reliably detect non-metallic items like drugs and bank notes, is helping to cement the Group's leading position in this international market. During the period Macau Customs and US Customs and Border Protection became our seventh and eighth customers respectively, while Hong Kong Customs and the US State Department's Bureau of International Narcotics & Law Enforcement Affairs both returned to purchase additional units in the period.
Good strategic progress continued to be made in our aviation segment with Thruvision being purchased by Los Angeles International Airport for employee screening purposes, and further technical progress made toward being approved for use in passenger screening in US airports by the TSA's Innovation Task Force.
In Loss Prevention, Morrisons became an important new customer in the grocery sector. Following this important win, the Group's new Loss Prevention sales team has significantly strengthened its sales pipeline in this area, with existing customers continuing to report a rapid return on investment when purchasing Thruvision units.
Growing international brand recognition, strategic progress across the US Federal Government, healthy R&D, and a strengthening sales pipeline re-affirms the Board's confidence in the prospects for the Group.
For further information please contact:
Thruvision Group plc +44 (0)1235 425400
Tom Black, Chairman
Colin Evans, Chief Executive
Investec Investment Banking (NOMAD & Broker) +44 (0)20 7597 5970
Sebastian Lawrence / Patrick Robb / James Rudd
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Shamma Kelly
About Thruvision
Thruvision is the leading provider of next-generation people-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 up to 10m.
Addressing the growing need for fast, safe and effective security, Thruvision 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 a range of applications including mass transit and aviation security, facilities and public area protection, customs and border control and supply chain loss prevention. The company has offices near Oxford, in Washington DC, and in Sydney.
www.thruvision.com