TIDMTHRU
RNS Number : 3358H
Thruvision Group PLC
12 March 2018
12 March 2018
Thruvision Group plc
("Thruvision" or the "Group")
Trading Update & Return of Capital
Thruvision (AIM: THRU) the specialist provider of
people-screening technology to the international security market,
is pleased to provide an update on its plans to return excess cash,
resulting from the sale of the Video Business to Volpi Capital LLP
in October 2017, to shareholders, and on trading progress since
publication of the Group's Interim Results in December 2017.
Return of Capital
The Board intends to return up to GBP8 million to shareholders
through a tender offer, possibly combined with an on-market share
buy-back programme. In order to effect the return, some capital
restructuring of the Group is required, the first step of which is
explained fully in the Circular to shareholders to be issued later
today and entitled "Proposed cancellation of Share Premium Account
and Capital Redemption Reserve and Notice of General Meeting".
Trading Update
The much more focused nature of the Group's activities following
the disposal of the Video Business has driven positive progress
since the publication of the Group's interim results in December
2017. The Group has already shipped a record number of its
people-screening units to customers in the current financial year
to date. This gives further confidence that there should be a
large, international market for our people-screening security
technology.
In addition, further market engagement has fully validated
Thruvision's significant advantages over other types of
people-screening technology. In particular:
-- Thruvision provides instant, real-time video showing the
size, shape and location of concealed threats at distances up to
8m;
-- Thruvision has a lower cost of ownership than alternative technologies;
-- Thruvision does not generate anatomical details of persons
screened thereby eliminating privacy issues raised by some other
technologies;
-- Thruvision is effective at high-throughput levels, screening
over 2,000 people per hour in recent operational trials; and
-- Thruvision is a passive technology and emits no ionizing radiation.
Based on these unique capabilities, we have further refined our
market focus on four distinct areas:
-- Mass Transit - screening for suicide vests and other threats
in railways, subways and airport concourses.
-- Entrance - screening for all types of weapon at entrances to
buildings, sports stadia and other public venues.
-- Loss Prevention - screening for items stolen from warehouses or factories.
-- Customs - screening for prohibited items at borders.
This market focus, and additional sales resource brought into
the Group, has resulted in the material pick up in order intake
referred to above. Recent highlights include significant orders
from the Philippines for mass transit screening and from China for
entrance screening, a further order from Saudi Arabia for entrance
screening, and several orders from new UK-based loss prevention
customers.
Significant progress has also been made in the US with the
Transportation Security Administration ('TSA'), following the
funded development of a new product for them, the Thruvision "TAC".
In late February and early March, the Thruvision TAC, has been
publicly demonstrated by TSA with Amtrak in Penn Station, New York,
and with LA Metro in Los Angeles, with widespread media coverage.
Operational feedback has been positive and David Pekoske, the TSA
Administrator, described the trial of stand-off detection
technology at Penn Station as "very promising". We are in the
process of initiating production of this new product with our
US-based partner in anticipation of TSA's final product approval
over the summer.
Ian Lindsay, our new Finance Director has now started, and with
the process of separating the Video Business effectively complete,
the Group expects to head into the new financial year with a clear
strategy, strong international sales momentum and net cash
materially unchanged since our Interim Results in December at
cGBP17m.
For further information please contact:
Thruvision Group plc +44 (0)20 3553 5888
Tom Black, Executive Chairman
Colin Evans, Managing Director
Investec Bank plc +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 detect weapons, explosives and
contraband hidden under 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
This information is provided by RNS
The company news service from the London Stock Exchange
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