14
October 2024
Thruvision Group
plc
Half year trading update and
Board changes
Thruvision (AIM: THRU, "Thruvision" or the
"Group"), the leading international provider of walk-through
security technology, today
publishes a trading update
for the six
months
ended 30 September 2024
("H1 2025") and announces changes to the
Board.
H1
Trading
Revenue is expected
to be £1.9 million (H1 2024: £3.5 million). The current
order backlog is £0.3 million and is forecast to
be delivered during the second half of the year (H1 2024: £1.0
million). The sales pipeline contains significant tenders,
some of which are expected to contribute to second half
revenues.
Cash at 30 September 2024 was £1.8
million (30 September 2023: £2.4 million) and trade receivables
were £0.9 million (30 September 2023: £2.6 million).
The Group has an undrawn overdraft facility of
£0.95 million available for working capital
requirements.
In line with the Group's previously
announced strategy, we now have approximately 85% of revenue in the
period deriving from Retail Distribution sales, which doubled
relative to the comparable period, and alongside healthy levels of
repeat business, included orders from new customers John Lewis and
DP World.
This was offset by the absence of
any material Customs orders, whereas the comparable period
benefitted from a single £1.9 million order from an Asian Customs
agency. In Aviation, we achieved our first sale for aviation worker
screening to a US regional airport since the Transportation
Security Administration (TSA) issued its National Mandate on the
subject, and customer interest levels remain elevated in this
arena.
Outlook
Looking forward, we have a healthy
pipeline across all our markets, with particularly significant
near-term opportunities in Entrance Security and Retail
Distribution. We are also seeing growth in our sales pipeline
resulting from our recently signed channel partnership with
Sensormatic, in particular, adding many opportunities across
Europe. We intend to sign additional major channel partners in the
future.
Besides the steady growth in smaller
orders which characterised the first half, we are actively pursuing
a number of very significant opportunities, any of which could
materially extend our order backlog. Full year revenue will
be dependent upon the timing of significant contract awards, which
is unpredictable. However, inventory lead times mean that there is
likely to be a modest slippage of revenue into the next financial
year, such that the Board now expects revenue for the full year
ending 31 March 2025 to be approximately £9 million (FY24: £7.8
million).
Board Changes
Colin Evans,
the Group's CEO, has informed the Board
that he wishes to
leave the
Group to further his non-executive directorship portfolio and, following discussion
with the Board, he will leave the business
at the end of
October 2024.
Tom Black will take up the role
of Executive Chairman
and will manage the Group
on a day-to-day
basis until a
permanent replacement
can be appointed.
Tom
Black, Executive Chairman,
commented:
"It is gratifying to see good
progress in Retail Distribution which has the potential to be our
largest single market, but the overall reduction in revenues is
disappointing. That said, our revenue base now derives from a
broader range of customers which should smooth revenue volatility
going forward.
"Much effort has been expended to
enhance our sales capability in the past year, including new sales
partnerships. We are encouraged by the quality of our pipeline,
which contains a number of material opportunities, any one of which
could be transformational. Converting these to revenue in a timely
manner is our number one priority.
"Finally, I would like to thank
Colin Evans for his enormous contribution to Thruvision over the
past seven years, he has built a strong platform upon which we can
now capitalise as we seek to convert these significant growth
opportunities. We are sorry to see him go and wish him well for the
future."
Interim Results
The Group intends to publish its
Interim Results on 24 October 2024.
For
further information, please contact:
Thruvision Group plc
+44 (0)1235 425400
Tom Black, Executive
Chairman
Victoria Balchin, Chief Financial
Officer
Investec Investment Banking (NOMAD &
Broker)
+44 (0)20 7597 5970
Patrick Robb / James Rudd /
Sebastian Lawrence
Meare Consulting
Adrian Duffield
+44 (0) 7990 858548
About Thruvision (www.thruvision.com)
Thruvision is the leading developer,
manufacturer and supplier of advanced AI-based walk-through
security technology internationally. Its technology is deployed in
more than 20 countries around the world by government and
commercial organisations in a wide range of security situations,
where large numbers of people need to be screened quickly, safely
and efficiently. Thruvision's patented technology is uniquely
capable of detecting concealed objects in real time using advanced
AI-based detection algorithms.
The Group's offices are near Oxford
and Washington DC.
Important information
This announcement may include
statements that are, or may be deemed to be, 'forward-looking
statements' (including words such as 'believe', 'expect',
'estimate', 'intend', 'anticipate' and words of similar meaning).
By their nature, forward-looking statements involve risk and
uncertainty since they relate to future events and circumstances,
and actual results may, and often do, differ materially from any
forward-looking statements. Any forward-looking statements in this
announcement reflect management's view with respect to future
events as at the date of this announcement. Save as required by
applicable law, the Company undertakes no obligation to publicly
revise any forward-looking statements in this announcement, whether
following any change in its expectations or to reflect events or
circumstances after the date of this announcement.