Thruvision Group PLC Trading Update (5890O)
03 October 2019 - 4:00PM
UK Regulatory
TIDMTHRU
RNS Number : 5890O
Thruvision Group PLC
03 October 2019
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 GBP4.8 million (H1 FY19: GBP3.2
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 GBP8.7 million (31 March 2019: GBP9.4 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
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END
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