TIDMTHRU
RNS Number : 1071D
Thruvision Group PLC
24 June 2019
Thruvision Group plc
("Thruvision" or the "Group")
Results for the Year ended 31 March 2019
Highlights
-- Strong revenue growth to GBP6.0 million (2018: GBP3.1
million) with operating loss before tax reduced to GBP2.1 million
(2018: GBP2.5 million);
-- Adjusted loss before tax* of GBP1.7 million (2018: GBP2.9 million)
-- Strong growth in the number of Thruvision units sold to 109
(2018: 57) with eleven new customers acquired, including US State
Department's Bureau of International Narcotics and Law Enforcement
(INL);
-- Further unit sales to seven existing customers in Loss
Prevention and Transport who expanded the deployment of Thruvision
units across a larger number of sites;
-- Thruvision approved for operational use by US Government's
Transportation Security Administration (TSA) in the mass transport
market;
-- Orders that were delayed by the US Government shut-down in
early calendar 2019 have been received since the period end and are
in the process of being delivered;
-- Completed formal process of separating Digital Barriers from
the Group, resulting in GBP0.2 million of one-off costs incurred
and subsequent return of GBP3.3 million to shareholders through a
Tender Offer in August 2018;
-- Cash at 31 March 2019 of GBP9.4 million (31 March 2018: GBP17.6 million).
*Adjusted loss before tax is defined as loss before tax from
continuing operations, adding back share-based payments, share
buyback costs and financing set up fees.
Commenting on the results, Colin Evans, Chief Executive,
said:
"This has been a year of important transformation - we have
nearly doubled our revenues, significantly increased our
manufacturing capacity, and strengthened our sales leadership.
During the year we won orders from new customers and saw further
sales to existing customers in the Loss Prevention and
Transportation markets. While we experienced some delays following
the US Government shut-down in early 2019, those orders have been
received since the period end.
Looking forward, market interest continues to grow as brand
awareness builds and sales momentum into the new financial year has
been maintained. The Board remains confident about the company's
prospects for the future, and its ability to exploit a significant
new niche in the international security market."
For further information please contact:
Thruvision Group plc +44 (0)1235 436180
Tom Black, Executive Chairman
Colin Evans, Chief Executive
Investec Bank plc (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/ 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. More than 250 units have
been deployed worldwide over the last five years for applications
including mass transit and aviation security, facilities and public
area protection, customs and border control and supply chain loss
prevention. Thruvision has offices near Oxford and in Washington
DC.
www.thruvision.com
Chairman's statement
In our first full year of trading since the disposal of the
Digital Barriers business, we made good progress in firmly
establishing Thruvision in the international security market.
Focusing all our resources on the people security screening market
resulted in a near doubling of revenues and good sales traction
across all our market segments. Critically, Thruvision was vetted
and approved by the US Government's Transportation Security
Administration (TSA) which led to growing momentum in the US in the
second half of the year and provides an invaluable international
reference point for future sales.
Markets
The macro demand environment for Thruvision remains very strong.
Terrorism continues to spread globally, and governments around the
world are continuing to invest accordingly in protecting
transportation, public areas and critical infrastructure. In
parallel, mass migration and the smuggling of drugs and other
contraband across borders remains a headline issue, especially in
the US. Closer to home, the rapid growth of online sales is
changing the underlying structure of retailing and creating
significant opportunities for theft in retailers' distribution
infrastructure. Taken together, these factors reinforced our
decision to focus on the four key market segments we first
identified in our 2018 Annual Report and have since refined (see
below) namely, Transportation, Customs, Entrance Protection, and
Loss Prevention.
Focusing on these market segments allowed us to build sales
momentum, with eleven new customers placing orders for Thruvision
equipment during the year. New international government customers
in the second half of the year were the US State Department's
Bureau of International Narcotics and Law Enforcement (INL) and the
Czech Government, adding to the TSA's Innovation Task Force, Los
Angeles Metro and a major Asian government which purchased units in
H1. In H2, we also added Matalan to Next and Sony, as new
commercial customers. Some two-thirds of our orders in the year
were received from existing customers who purchased second or even
third batches of equipment, giving us confidence about the
likelihood of repeat orders from newly acquired customers.
We have seen good progress in the US throughout the year
although the US Government shut-down in early 2019 delayed orders
until after year-end, meaning revenue growth was below our initial
expectations. The opening of our showcase demonstration centre in
Washington DC in the spring of 2018, followed by approval for mass
transit from the TSA in August, and initiating manufacturing of our
screening units in Florida in the autumn has now positioned us as a
key new security technology vendor with the US Government. We
received two orders early in the new financial year, the first of
which was from the US State Department's INL, bringing the number
of national Customs agencies now using Thruvision to six. The
second order came in from Los Angeles International Airport who
will be using Thruvision units to screen employees. Aviation
security in the US is a key opportunity for us both with employee
screening and passenger screening in main airport security
checkpoints. For passenger screening, we are currently working with
the TSA's Innovation Task Force and are going through approval
processes.
Similarly, we saw very good growth in Asia over the year with
notable demand for Thruvision across our Customs, Transportation
and Entrance Protection segments. As a result of this, we opened an
Asia Pacific office in Sydney at the start of the current financial
year and we have now appointed an experienced regional sales leader
to build on this momentum.
In our Loss Prevention business, we added five new customers and
had follow-on orders from two existing customers in the year. This,
combined with some very positive customer publicity from Next, has
given us the confidence to significantly strengthen our sales
leadership and team in this area.
Through the second half of the year, we successfully scaled our
manufacturing capacity to allow us to build up to 20 units per
month and, in the coming year, we expect to launch several new
product variants, each designed to meet specific market needs.
People
Following Ian Lindsay's decision to relocate to Australia with
his family, Adrian Crockett joined the company as Finance Director
on 1 May 2019. Adrian brings significant AIM and technology
business experience to the Board and I am delighted to welcome him
to the team. Our headcount increased during the year and we now
employ over 30 people. We remain a small business with a very
strong culture and high morale and I would like to take this
opportunity to thank all of our people for their exceptional
dedication to the Company.
The Board is acutely aware that, as I cannot be regarded as
independent due to my long association with Thruvision, we have
only one independent director. It is the Board's intention to add
another independent director to the Board in due course, but we do
not regard this as an urgent priority as we have a full-time
Company Secretary and operate to very high levels of governance for
a business of our size.
Finally, following the divestment of Digital Barriers to Volpi
Capital in October 2017, we successfully completed the return of
GBP3.3 million of cash to shareholders through a Tender Offer
process that completed in August 2018. During the year, we also
completed the formal process of separating Digital Barriers from
the Group, incurring one-off costs of GBP0.2 million relating to
warranties on the sale and a reassessment of the likely amount due
in deferred consideration.
Outlook
With positive market drivers, a strong technology base and
proven manufacturing capability, our focus now is on driving sales
growth in our key market segments. We have strengthened our sales
leadership and are experiencing growing international brand
recognition, based on progress in the US and an increasing number
of referenceable customers. We believe that Thruvision's growing
sales pipeline shows that we are capable of exploiting a
significant new niche in the international security market and the
Board therefore remains confident about the company's prospects for
the future.
Update on strategy
Thruvision addresses the growing international need to quickly
and comprehensively security screen individuals for either weapons
or contraband that might be concealed in their clothing, in a safe
and respectful manner. The two most widely deployed existing
technologies, walk-through metal detectors and active millimeter
wave body scanners, do not meet this need as they either fail to
detect non-metallic threats or are very slow for high throughput
requirements. In both cases, possible alarms can only be resolved
by physical searches that are both slow and invasive. These
shortcomings create a significant market opportunity for
people-screening, which cannot be met by existing technology, but
which is achievable using Thruvision people-screening units.
Given this competitive positioning, we have focused on four
distinct market segments, each offering a significant level of
solution repeatability across a broad range of international
markets:
-- Customs - screening for prohibited items such as cash and
drugs at all types of border checkpoints including airports, land
crossings, seaports, cruise-liner terminals, bridges and railway
stations. Customers are national government agencies resulting in
total order quantities that could be substantial although sales
cycles are extended by government procurement procedures. Key
customers here include Hong Kong Customs and the US State
Department's INL.
-- Entrance Protection - screening for weapons at entrances to
high profile or high security buildings, sports and entertainment
venues and other public areas. Covering both public and private
sector sites, the aim here is to ensure sites are protected from
non-metallic threat items and to speed up the process of screening
visitors. A key customer here is the Farnborough International
Airshow.
-- Loss Prevention - screening for items being stolen from
distribution centres or factories. The market here consists of a
potentially very large number of on-line retail and other
customers. With a clear financial return on investment driving
purchasing, relatively short sales cycles have been demonstrated.
Flagship customers include Matalan, Next,Sony, and more recently
Morrisons.
-- Transportation - screening for suicide vests and large guns
at railways, subways and airport concourses, and screening of
employees for smaller weapons in airport checkpoints. Following a
purchase by TSA's Innovation Task Force, Thruvision is now being
evaluated for use with aviation passengers, and this could lead to
further TSA approval to operate in aviation checkpoints in due
course. Customers in this segment include governments, airport
operators and a combination of city or regional public sector
organisations. In addition to the TSA, key customers here include
Los Angeles Metro, Los Angeles World Airports and the Philippino
Government.
With internationally recognised 'flagship' customers secured in
each of these market segments, we are seeing increasing interest
from a range of organisations looking for effective, higher
throughput, people security screening solutions.
Moving forward, we aim to exploit this growing interest and
awareness to increase sales of Thruvision units into these market
segments across the world. We are confident we can grow revenues
and gross margins more quickly than we need to increase costs and
so deliver profitability for shareholders.
Business Review
Sales
We recorded strong sales growth with a total of 109 units
delivered in the year. While performance was somewhat impacted by
the delays in unit orders caused by the US Government shutdown
early in calendar 2019, orders have been received after the period
end and are in the process of being delivered. Sales into
Transportation were particularly strong (accounting for a little
over 50% of units delivered), with Customs and Loss Prevention
showing good progress. In Entrance Protection, we secured one
significant project in Asia and provided very high-profile visitor
screening for the Farnborough International Airshow, which resulted
in excellent feedback on convenience and speed of throughput.
We received orders from eleven new customers in the year,
accounting for around a third of the units delivered. The balance
was delivered to existing customers as second or even third batches
of units, giving us confidence that, once organisations start using
Thruvision, they are much more likely to buy again in the future.
Based on this, we are shaping our sales team to ensure we are
successful in both acquiring new customers and upselling existing
customers through excellent post-sales support.
Regional updates
-- Americas: We continued to focus heavily on the Transportation
and Customs segments. We secured headline orders in the year from
Los Angeles Metro, TSA's Innovation Task Force, State Department's
INL, and since year-end, Los Angeles International Airport and a
further INL order under a new framework purchasing agreement. We
expect continued uptake across these Federal Agencies and within
the US aviation security market for both airport employee screening
and, subject to further TSA approvals, passenger screening. More
broadly, on the back of the INL initiative we are seeing growing
interest across Central and South America. Separately, we are
working in North America with a specialist Loss Prevention sales
partner and expect progress in this segment in the coming year.
-- Asia Pacific: As with the US, we focused mainly on the
Transportation and Customs segments. We deployed a fourth batch of
units with our Hong Kong customer and made further progress in
China around Customs and Entrance Protection, albeit with
considerable care around protecting our IP. We received a third
order from our Philippines-based partner for Transportation
security and expect further orders in the future. We are seeing
strong, growing interest across the region and in particular in
Japan, Singapore and Australia. With new sales leadership in place,
we expect to be able to accelerate progress in the coming
months.
-- UK and Europe: we made excellent progress on our primary
focus of building our Loss Prevention business. We secured five new
customers during the year including Next, Sony, JD Sports and
Matalan, and received further orders from two existing customers.
Morrisons was secured post year end. With Next publicly reporting a
59% reduction in one of its proxy measures for theft reduction from
its distribution centres, we are very confident about the positive
return on investment that our products provide for such customers.
Separately, we secured initial small Customs sales with both the UK
and Czech authorities.
-- Middle East and Africa: Given demand elsewhere, we spent
little time focusing on this region through most of the year.
Following TSA approval however, we have seen interest levels
increasing and we have set aside dedicated sales resource in this
region for the coming period.
Routes to market
Our routes to market vary depending on region and market sector.
For Loss Prevention in the UK and Europe, we sell directly to
end-customers. As a company, we have built up a significant
understanding of how best to use Thruvision in the context of
distribution centre security, and customers value the advice we
offer as well as the technology we supply. Given the niche nature
of the market, we also benefit significantly from customer
referrals. Our intention is to use the growing list of
international retailers who use Thruvision to secure Loss
Prevention customers in North America and Australasia as our next
steps.
We operate directly with end customers in the US where we have
built strong relationships with a number of key senior figures
across TSA, CBP, State Department and the Defense Department. We
install and support all our systems with our own staff to ensure
the highest levels of service, and we intend on strengthening our
account management in these areas to secure further sales.
Our model in Asia Pacific, Latin America and Middle East and
Africa is different. We adopt a 'sell with' partner model, meaning
we engage with end customers directly wherever possible alongside
local partners. This means we can bring the very latest sales news
and expertise to each opportunity and train the smaller number of
partners we use to sell, install and then support our
technology.
Manufacturing
We made good progress through the course of the year
strengthening and multi-skilling our manufacturing team. We
upgraded our manufacturing facilities in Didcot to increase both
capacity and resilience and brought our Florida-based manufacturing
partner fully on stream during the second half of the year.
Collectively, we demonstrated we can sustain production at 20 units
per month, with an ability to surge production above this to meet
larger orders in a timely manner. We believe we now have a
manufacturing platform which can produce around 240 units per year
with little further investment.
New product development
We launched the new Thruvision TAC product in the summer of
2018. Developed with and approved by the TSA for the mass transit
market, the Thruvision TAC is now our flagship product. It has also
sparked significant international interest, especially for mass
transit security given the publicity generated by Los Angeles
Metro.
Based on the modular design of the Thruvision TAC product, we
are now planning the launch of several new TAC variants,
principally based on varying software functionality. Each new
product will be optimised to meet the specific needs of its target
market segment. We also expect to launch a completely new military
specification, outdoor screening model as a result of funding from
the TSA.
As well as making significant improvements to our hardware, we
also increased investment in our Artificial Intelligence-based
image processing software during the year. We expect this to form
the basis of further improvements in detection performance over
time.
Competition
We are seeing a number of smaller, early stage technology
companies in the market, aiming also to provide high-throughput
people security screening. These are largely based on active
millimeter-wave technology, meaning they often require
country-by-country Radio Frequency approval in order to be operated
legally. None have yet entered any form of formal TSA testing and
we do not believe any have yet reached volume production and sales.
One has been acquired by a larger player, indicating growing
corporate interest in our niche. We maintain a careful watching
brief.
IP protection
We have an ongoing programme to look at our patent portfolio and
to identify the most appropriate ways to protect the new
innovations resulting from our R&D work. Included in this
programme is an assessment of enforceability in certain high-risk
countries and how best to mitigate such risks.
Facilities
Over the course of the year we invested in new sales facilities
in the Washington DC area, upgraded our head office and main
manufacturing centre in Didcot, England and early in the new
financial year, opened a new sales office in Australia to cover the
Asia Pacific region. No significant further investment in our
facilities is planned in the coming year.
Staff
We increased headcount from 23 to 34 staff through the year.
These increases were predominantly in Sales and Sales Support
(specifically the US), and Engineering. Through the financial
year-end period, we also strengthened sales leadership in the Asia
Pacific and Loss Prevention areas and expect to further strengthen
our Loss Prevention and US sales teams in FY20. Voluntary staff
attrition was nil.
Financial Review
Summary
For the year ended 31 March 2019, Thruvision revenues grew
significantly by 93% to GBP6.0 million (2018: GBP3.1 million) which
resulted in a reduced operating loss of GBP2.1 million (2018 loss:
GBP2.5 million).
The Directors believe that adjusted loss before tax is currently
an important measure of the performance of the business.
The Group recorded an adjusted loss of GBP1.7 million (2018:
GBP2.9 million) This was arrived at as follows:
Adjusted loss: 2019 2018
GBP'000 GBP'000
Loss before tax from continuing operations (2,060) (3,212)
Share-based payment 207 52
Share buyback costs 119 -
Financing set up fees - 263
Adjusted loss before tax for the year
from continuing operations (1,734) (2,897)
---------
Further details on the above are provided in note 4 below.
A significant increase in sales of Thruvision units resulted in
109 units delivered in 2019 (2018: 57). This included eleven new
customers and repeat business with seven others. The introduction
of the higher priced new TSA-approved Thruvision TAC unit and a
planned reduction in Customer development revenues helped increase
Gross Margin to 39% (2018: 35%). Unit sales were spread evenly
across all regions, showing balanced growth. Average revenue per
unit increased to GBP54k (2018: GBP51k) year-on-year as a result of
being able to achieve higher pricing on existing models as the
business became more established and starting to sell higher priced
TAC models in the US.
Continued focus on the reduction of non-productive overheads
generated savings that were used to partially offset our investment
in the Sales and Marketing resource required to drive growth, and
to expand our manufacturing capacity. The manufacturing expansion
allowed us to increase production capability and resulted in an
average of 20 units produced per month in Q4 and has ensured we can
continue to scale production moving forward.
Eleven employees joined the company during the year. Three of
these joined in sales, marketing and pre-sales roles, two in
post-sales support, one in Finance and five in the engineering team
to increase both manufacturing capacity and strengthen our software
capability.
The cash balance at the year-end was GBP9.4 million (2018:
GBP17.6 million) The US Government shutdown in early calendar 2019
delayed several opportunities, for which we had been building up
stock levels of our US-manufactured TAC model, as a result the cash
receipt was delayed. As orders were received post year-end we now
expect to see these stock levels reduce as units are delivered. We
also completed a major order to the Philippines in Q4 resulting in
a debtor over the period-end of GBP1.6 million. It is expected that
this cash will be received in H1. In August 2018, the Group
returned GBP3.3 million cash to shareholders via a Tender Offer,
reducing the number of Ordinary Shares in issue to 145,454,118.
Key Performance Indicators ("KPIs")
The Group consider the following to be our KPIs which track the
trading performance and position of the business.
KPIs
2019 2018
GBP'000 GBP'000
-------------------------------------- -------- --------
Revenue 5,981 3,103
Number of units shipped 109 57
Average revenue per unit 54 51
Gross Profit 2,327 1,079
Gross Margin 39% 35%
Overheads* (4,204) (3,461)
Operating loss (2,108) (2,524)
Number of employees at 31 March 2019 34 23
-------------------------------------- -------- --------
* Overheads exclude for the period share buyback costs of GBP0.1
million (2018;: nil), and Foreign exchange gains of GBP0.2 million
(2018;: GBP0.1m), Finance set-up fees of GBP0.2million in 2018 and
Share based payment charge GBP0.2million (2018 : GBP52,000)
Revenue
Thruvision revenues grew significantly by 93% to GBP6.0 million
(2018: GBP3.1 million). Revenues from unit sales contributed GBP5.9
million (2018: GBP2.9 million), and development revenue was GBP0.1
million (2018: GBP0.2 million).
The growth in revenues over the prior year reflects strong
organic unit sales in our main markets, with unit volumes
increasing to 109 (2018: 57 units). We received orders from eleven
new customers in the year with seven existing customers ordering
for a second or third time showing increasing confidence in, and
adoption of, Thruvision technology. Unit deliveries were impacted
by procurement delays caused by the US Government shutdown and
these orders have now been received.
In the US and Asia Pacific, our Transportation and Customs
market segments grew strongly while in the UK and Europe, our
primary focus was on Loss Prevention where strong progress has been
made with customers including Next and Sony.
After a number of initial sales in the Middle East and Africa in
2018, high demand elsewhere resulted in a reduced focus on this
region and it will continue to be a secondary priority moving
forwards.
2019 2018
Revenue GBP'000 GBP'000
---------------- -------- --------
Units 5,901 2,895
Development 80 208
---------------- -------- --------
Total 5,981 3,103
---------------- -------- --------
Revenue by Geography 2019 2018
GBP'000 GBP'000
---------------------- --------- ---------
UK & Europe 1,338 384
Middle East and
Africa 28 902
Americas 975 413
Asia-Pacific 3,640 1,404
---------------------- --------- ---------
5,981 3,103
---------------------- --------- ---------
Gross Profit
Gross Profit increased to GBP2.3 million in the period (2018:
GBP1.1 million). Gross margin increased to 39% in the year (2018:
35%). The Gross margin increase was due to a higher mix of the TAC
unit sales, improved Average Revenue Per Unit and manufacturing
cost reduction work compared to the prior year, offset by lower
development revenues. Development revenues represented 1% of
revenue in 2019 (2018: 7%) demonstrating a move to a scalable unit
sales-driven business model. The gross margin attributable to unit
revenues increased to 40% (2018: 34%).
Gross Margin 2019 2018
GBP'000 GBP'000
-------------------------- ------- -------
Unit Revenue 5,901 2,895
Unit Gross Profit 2,337 991
-------------------------- ------- -------
Gross margin % 40% 34%
Development Revenue 80 208
Development Gross Profit (10) 88
-------------------------- ------- -------
Gross margin % (13)% 42%
Overall Revenue 5,981 3,103
Overall Gross Profit 2,327 1,079
-------------------------- ------- -------
Gross margin % 39% 35%
-------------------------- ------- -------
Overheads
Overheads increased by 21% to GBP4.2 million (2018: GBP3.5
million). Sales & Marketing expenditure increased by GBP0.6
million to deliver strategic investment in our US and Asia Pacific
markets. This additional investment was made to capitalise on our
'flagship' customer deployments in these regions and was used to
increase direct marketing and provide enhanced pre-sales
capability. Manufacturing and R&D costs increased by GBP0.6
million which was focused on increasing production capacity and
strengthening our software capability. These investments were
offset by lower PLC costs following the sale of the Video Business
and lower administration costs in the period.
Overheads 2019 2018
GBP'000 GBP'000
---------------------------- -------- --------
Sales & Marketing 1,701 1,102
Manufacturing and
R&D 1,289 708
Property and administration 432 658
PLC costs 782 993
Total Overheads* 4,204 3,461
----------------------------- -------- --------
*Overheads exclude for the period share buyback costs of GBP0.1
million (2018 : nil), and Foreign exchange gains of GBP0.2 million
(2018 : GBP0.1m), Finance set-up fees of GBP0.2million in 2018 and
Share based payment charge GBP0.2million (2018 : GBP52
thousand)
Looking forward, we expect to see further investment,
principally in Sales & Marketing, but at a rate below the
headline growth rate of the business. We do not expect to
materially increase management and administration or PLC costs in
the near-term.
Operating loss
Operating Loss from operations before tax including deprecation,
share based payments, FX and Interest narrowed to GBP2.1 million
(2018 loss: GBP2.5 million). Of this, GBP0.2 million relates to
one-off, non-recurring costs associated with the sale of the
Digital Barriers business in November 2017. This loss would have
been further reduced had orders not been delayed by the US
Government shut-down in early calendar 2019.
Discontinued costs
Costs this year of GBP0.2m were allocated as discontinued on the
basis that these costs were incurred as a result of one-off events
related to the disposal of Digital Barriers. These were amounts due
from warranties on the sale (GBP0.1 million) as well as a
reassessment of the likely amount due in deferred consideration
(GBP0.1 million).
Taxation
As a result of brought-forward tax losses we do not expect to
pay the full rate of UK corporation tax in the next financial year.
The Income Statement tax credit for the year of GBP23k (2018:
GBP90k) relates to the expected R&D tax credit reclaim, with
the decrease this year primarily due to a GBP34k prior year
adjustment in respect of 2018.
At 31 March 2019, the Group had unutilised tax losses carried
forward of approximately GBP10.5 million (2018: GBP9.1 million).
Given the varying degrees of uncertainty as to the timescale of
utilisation of these losses, the Group has not recognised GBP10.8
million (2018: GBP9.1 million) of potential deferred tax assets
associated with these losses. At 31 March 2019, the Group's net
deferred tax liability stood at GBPnil (2018: GBPnil).
Cash
The Group cash and cash equivalents at 31 March 2019 were GBP9.4
million (2018: GBP17.6 million).
The cash outflow as a result of operating activities was GBP4.4
million as increased revenues were offset by the Operating Loss,
investment in inventory levels for delayed US Government orders and
increased receivables driven principally by a large order delivered
to the Philippines in Q4. Stock value at 31 March 2019 was GBP3.3
million (2018: GBP1.8 million)
In August 2018, the Group returned GBP3.3 million cash to
shareholders by way of a Tender Offer process reducing the number
of Ordinary Shares in issue to 145,454,118.
Currency Impact
The Group generated foreign currency exchange gains during the
period of GBP0.2 million (2018: GBP0.1 million), due to the
depreciation of GBP versus USD.
Consolidated income statement
for the year ended 31 March 2019
Year ended Year ended
31 March 31 March
2019 2018
Note GBP'000 GBP'000
----------------------------------------- ----- ---------------- ----------------
Continuing operations
Revenue 2 5,981 3,103
Cost of sales (3,654) (2,024)
------------------------------------------ ----- ---------------- ----------------
Gross profit 2,327 1,079
Administration costs (4,440) (3,654)
Other income 5 51
Operating loss 3 (2,108) (2,524)
Finance revenue 78 70
Finance costs (30) (758)
------------------------------------------ ----- ---------------- ----------------
Loss before tax (2,060) (3,212)
Income tax 23 90
------------------------------------------ ----- ---------------- ----------------
Loss for the year from continuing
operations (2,037) (3,122)
------------------------------------------ ----- ---------------- ----------------
Discontinued operations
Loss from discontinued operation
after tax (233) (16,429)
Loss for the year (2,270) (19,551)
Adjusted loss: 4
Loss before tax from continuing
operations (2,060) (3,212)
Share-based payment 4 207 52
Share buyback costs 119 -
Financing set up fees - 263
Adjusted loss before tax for
the year from continuing operations (1,734) (2,897)
----- ----------------
Loss per share - continuing
operations
Loss per share - basic 5 (1.33p) (1.89p)
Loss per share - diluted 5 (1.33p) (1.89p)
Loss per share - continuing and discontinued
operations
Loss per share - basic 5 (1.49p) (11.84p)
Loss per share - diluted 5 (1.49p) (11.84p)
------------------------------------------ ----- ---------------- ----------------
Consolidated statement of comprehensive income
for the year ended 31 March 2019
Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
------------------------------------------------------- ----------- -----------
Loss for the year from continuing operations (2,037) (3,122)
Loss for the year from discontinued operations (233) (16,429)
--------------------------------------------------------- ----------- -----------
Loss for the year attributable to owners
of the parent (2,270) (19,551)
--------------------------------------------------------- ----------- -----------
Other comprehensive income / (loss) from
continuing operations
--------------------------------------------------------- ----------- -----------
Other comprehensive income that may be subsequently reclassified
to profit and loss:
Exchange differences on retranslation of
foreign operations - continuing 6 3
Exchange differences on retranslation of
foreign operations - discontinued - (694)
Reclassification to profit and loss - discontinued - 698
Net other comprehensive income to be reclassified
to profit or
loss in subsequent periods 6 7
--------------------------------------------------------- ----------- -----------
Total comprehensive loss attributable to
owners of the parent (2,264) (19,544)
--------------------------------------------------------- ----------- -----------
Consolidated statement of financial position
at 31 March 2019
31 March 31 March
2019 2018
Note GBP'000 GBP'000
------------------------------ ----- --------- ---------
Assets
Non current assets
Property, plant and
equipment 760 278
Other intangible assets 7 2
-------------------------------- ----- --------- ---------
280
Current assets
Inventories 3,349 1,813
Trade and other receivables 6 2,690 1,229
Current tax recoverable 114 90
Cash and cash equivalents 9,375 17,587
-------------------------------- ----- --------- ---------
15,528 20,719
------------------------------ ----- --------- ---------
Total assets 16,295 20,999
Equity and liabilities
Attributable to owners of
the parent
Equity share capital 8 1,618 1,814
Share premium - 109,078
Capital redemption
reserve - 4,786
Translation reserve 14 8
Retained earnings 12,445 (96,207)
-------------------------------- ----- --------- ---------
Total equity 14,077 19,479
Non current liabilities
Provisions 38 36
-------------------------------- ----- --------- ---------
36
Current liabilities
Trade and other payables 7 2,180 1,455
Provisions - 29
-------------------------------- ----- --------- ---------
2,180 1,484
------------------------------ ----- --------- ---------
Total liabilities 2,218 1,520
-------------------------------- ----- --------- ---------
Total equity and liabilities 16,295 20,999
-------------------------------- ----- --------- ---------
Consolidated statement of changes in equity
for the year ended 31 March 2019
Ordinary Share Capital Merger Translation Other Total
share premium redemption reserve reserve reserves Retained equity
capital account reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
At 31 March
2017 1,814 109,078 4,786 454 1 (307) (76,912) 38,914
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Share-based
payment
credit - - - - - - 109 109
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Transactions
with
shareholders - - - - - - 109 109
Loss for the
year - - - - 701 - (19,551) (18,850)
Other
comprehensive
income - - - - (694) - - (694)
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Total
comprehensive
gain/(loss) - - - - 7 - (19,551) (19,544)
On disposal of
Video
Business - - - (454) - 307 147 -
At 31 March
2018 1,814 109,078 4,786 - 8 - (96,207) 19,479
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Capital
redemption - (109,078) (4,786) - - - 113,864 -
Share buyback (196) - - - - - (3,149) (3,345)
Share-based
payment
credit - - - - - - 207 207
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Transactions
with
shareholders (196) (109,078) (4,786) - - - 110,922 (3,138)
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Gain/(loss)
for the
year - - - - - - (2,270) (2,270)
Other
comprehensive
gain/(loss) - - - - 6 - - 6
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Total
comprehensive
gain/(loss) - - - - 6 - (2,270) (2,264)
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
At 31 March
2019 1,618 - - - 14 - 12,445 14,077
--------------- --------- ---------- ----------- ---------- ------------- --------------- --------- -------------
Consolidated statement of cash flows
for the year ended 31 March 2019
Year ended Year ended
31 March 31 March
2019 2018
Note GBP'000 GBP'000
------------------------------------------ ----- ----------- -----------
Operating activities
Loss before tax from continuing
operations (2,060) (3,212)
Loss before tax from discontinued
operations (233) (16,337)
------------------------------------------ ----- ----------- -----------
Loss before tax (2,293) (19,549)
Non-cash adjustment to reconcile loss before
tax to net cash flows
Depreciation of property,
plant and equipment 179 400
Amortisation of intangible
assets 2 716
Impairment of goodwill - 4,291
Share-based payment transaction
expense 207 109
Unrealised gains on foreign
exchange (25) 62
Realisation of foreign exchange
losses on disposal of Video
Business - 708
Disposal of fixed assets 28 (5)
Loss on disposal of Video
Business - 2,085
Recovery of purchase consideration - (1,126)
Finance income (78) (70)
Finance costs 30 1,227
Non-cash consideration - 7,635
Non-cash settlement of borrowings
- repayment of loan out of
disposal proceeds - (7,635)
Working capital adjustments:
Increase in trade and other
receivables (1,724) (109)
Increase in inventories (1,536) (108)
Increase in trade and other
payables 545 370
Increase in deferred revenue 156 762
Decrease in provisions (27) (54)
----------------------------------------- ----- ----------- -----------
Cash utilised in operations (4,536) (10,291)
Interest paid - -
Tax received - 762
------------------------------------------ ----- ----------- -----------
Net cash flow from operating
activities (4,536) (9,529)
------------------------------------------ ----- ----------- -----------
Investing activities
Purchase of property, plant &
equipment (579) (196)
Expenditure on intangible assets (7) (2)
Interest received 78 70
Deferred consideration from disposal 182 -
of Video Business
Cash proceeds from disposal of
Video Business - 19,187
Cash balance in Video Business
at disposal - (928)
Recovery of purchase consideration - 1,126
------------------------------------------ ----- ----------- -----------
Net cash flow from investing
activities (326) 19,257
------------------------------------------ ----- ----------- -----------
Financing activities
Share buyback - reduction in
share capital 8 (3,345) -
Proceeds from borrowings - 7,635
Finance costs - (741)
Net cash flow from financing
activities (3,345) 6,894
------------------------------------------ ----- ----------- -----------
Net (decrease) / increase in
cash and cash equivalents (8,207) 16,622
Cash and cash equivalents at
the beginning of the year 17,587 1,002
Effect of foreign exchange rate changes on
cash and cash equivalents (5) (37)
------------------------------------------------- ----------- -----------
Cash and cash equivalents at
end of year 9,375 17,587
------------------------------------------ ----- ----------- -----------
Notes to the financial information
1. Accounting Policies
Basis of preparation
The principal accounting policies of the Group are set out in
the Group's 2018 annual report and financial statements. A number
of new or amended standards became effective from the 1 April
2018:
-- IFRS 9 'Financial Instruments'
-- IFRS 15 'Revenue from Contracts with Customers'
Full disclosure of the transition will be included in the 2019
Financial Statements, but the Company has not identified any
changes to its accounting policies that require retrospective
adjustment.
2. Segmental information
The directors do not split the business into segments in order
to internally analyse the business performance and as a result the
results of the business are only presented below as continuing and
discontinuing. The directors believe that allocating overheads by
department provides a suitable level of business insight. The
overhead department cost centers comprise of sales and marketing,
manufacturing and R&D, property and administration, and Plc
costs, with the split of costs as shown on page 7.
Year ended 31 March 2019
Video Business Thruvision
Discontinued Continuing Total
GBP'000 GBP'000 GBP'000
--------------------------------------------------- --------------- ------------ ------------
Revenue - 5,981 5,981
Depreciation and amortisation - 181 181
Segment adjusted operating (loss) (233) (1,901) (2,134)
Share based payment charge - (207) (207)
--------------------------------------------------- --------------- ------------ ------------
Segment operating (loss) (233) (2,108) (2,341)
--------------------------------------------------- --------------- ------------ ------------
Finance income - 78 78
Finance costs - (30) (30)
--------------------------------------------------- --------------- ------------ ------------
Segment (loss) before tax (233) (2,060) (2,293)
--------------------------------------------------- --------------- ------------ ------------
Income tax (charge) / credit - 23 23
--------------------------------------------------- --------------- ------------ ------------
Loss for the year from continuing
operations (233) (2,037) (2,270)
--------------------------------------------------- --------------- ------------ ------------
Year Ended 31 March 2018
Video Business Thruvision
Discontinued Continuing Total
GBP'000 GBP'000 GBP'000
--------------------------------------------------- --------------- ------------ ------------
Total segment revenue 13,129 3,103 16,232
Depreciation and amortisation 218 182 400
Segmented adjusted operating (loss) (7,472) (2,472) (9,944)
--------------------------------------------------- --------------- ------------ ------------
Amortisation of intangibles initially recognised
on acquisition (716) - (716)
Share based payment charge (57) (52) (109)
Acquisition related income 1,126 - 1,126
Loss on disposal and related costs (4,458) - (4,458)
Impairment of goodwill and intangibles (4,291) - (4,291)
--------------------------------------------------- --------------- ------------ ------------
Segment operating (loss) (15,868) (2,524) (18,392)
--------------------------------------------------- --------------- ------------ ------------
Finance income - 70 70
Finance costs (469) (758) (1,227)
--------------------------------------------------- --------------- ------------ ------------
Segment (loss) before tax (16,337) (3,212) (19,549)
--------------------------------------------------- --------------- ------------ ------------
Income tax (charge) / credit (92) 90 (2)
Loss for the year (16,429) (3,122) (19,551)
--------------------------------------------------- --------------- ------------ ------------
Following its disposal on 31 October 2017 the Video Business is
now reported as a discontinued operation. The costs incurred this
year within discontinued operations include amounts due under
warranty provisions with regards to the sale of the Video Business,
as well as a reassessment of the recoverable amount due on deferred
consideration due as a result of the sale of the Video
Business.
In accordance with IFRS 8, the Group has derived the information
for its operating segments using the information used by the Chief
Operating Decision Maker and supplemented this with additional
analysis to assist readers of the Annual Report to better
understand the impact of the proposed divestment. The Group has
identified the Board of Directors as the Chief Operating Decision
Maker as it is responsible for the allocation of resources to
operating segments and assessing their performance.
Analysis of revenue by customer
There have been two (2018: three) individually material
customers (comprising over 10% of total revenue) in the year. These
customers individually represented GBP2,310,000 and GBP808,000 of
revenue for the year (2018: GBP779,000, GBP639,000 and
GBP576,000).
Other segment information
The following tables provides disclosure of the Group's
continuing and discontinued revenue analysed by geographical market
based on the location of the customer.
Continuing revenue
2019 2018
GBP'000 GBP'000
------------------------ --------- ---------
UK and Europe 1,338 384
Middle East and Africa 28 902
Americas 975 413
Asia-Pacific 3,640 1,404
------------------------ --------- ---------
5,981 3,103
------------------------ --------- ---------
The Group's non-current assets by geography are detailed
below:
2019 2018
GBP'000 GBP'000
-------------------------- --------- ---------
United Kingdom 737 258
United States of America 30 22
-------------------------- --------- ---------
767 280
-------------------------- --------- ---------
3. Group operating loss
The Group operating loss attributable to continuing operations
is stated after charging/(crediting):
2019 2018
GBP'000 GBP'000
-------------------------------------------------------- --------- ---------
Operating lease rentals - land and buildings 152 106
Research and development costs 429 505
Bad debt expense 12 17
Depreciation of property, plant and equipment 179 189
Amortisation of intangible assets initially recognised
on acquisition 2 -
Exchange differences (163) (92)
-------------------------------------------------------- --------- ---------
Note: as the above table is continuing operations only,
deprecation and intangibles won't reconcile to their respective
notes for the comparative period.
3. Group operating loss (continued)
Auditors' remuneration
The following table shows an analysis of all fees payable to
Grant Thornton UK LLP, the Group's auditors:
2019 2018
GBP'000 GBP'000
-------------------------------------------------------- ----------- ---------
Audit services
Fees payable to the Company's auditor for the audit of
the financial statements 42 50
The audit of the Company's subsidiaries 17 20
-------------------------------------------------------- ----------- ---------
59 70
-------------------------------------------------------- ----------- ---------
Non-audit services
Tax advisory services 61 -
Other non-audit services 9 23
-------------------------------------------------------- ----------- ---------
70 23
-------------------------------------------------------- ----------- ---------
Fees relate to all activities undertaken by Grant Thornton UK
LLP (2018: Grant Thornton UK LLP) in the period, covering
continuing and discontinued operations.
4. Adjusted loss before tax
An adjusted loss before tax measure has been presented as the
Directors believe that this is a better measure of the Group's
underlying performance. Adjusted loss is not defined under IFRS and
has been shown as the Directors consider this to be helpful for a
better understanding of the performance of the Group's underlying
business. It may not be comparable with similarly titled
measurements reported by other companies and is not intended to be
a substitute for, or superior to, IFRS measures of profit. The net
adjustments to loss before tax from continuing operations are
summarised below:
2019 2018
GBP'000 GBP'000
------------------------------ --------- ---------
Share based payment (i) 207 52
Share buyback costs (ii) 119 -
Financing set up costs (iii) - 263
------------------------------ --------- ---------
Total adjustments 326 315
------------------------------ --------- ---------
(i) The performance condition associated with LTIP awards made
in July 2015 and January 2019 are subject to a non-market based
performance measure. Accordingly, should these LTIP awards fail to
vest, the share based payment charge will be added back to the
income statement. Prior to July 2015 LTIP awards were made with a
market based performance measure which in the event that LTIPs fail
to vest the share based payment charge is not added back to the
income statement. To date the majority of historic LTIP awards have
failed to vest. The inclusion provides consistency over time
allowing a better understanding of the financial position of the
Group.
(ii) Share buyback costs incurred represent additional legal and
professional fees incurred as a result of the share buyback carried
out in August 2018.
(iii) During the year end 31 March 2018 the Group obtained a new
facility, incurring legal and set up fees.
5. Loss per share
Unadjusted loss per share
Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
---------------------------------------- ------------ ----------------
Loss from continuing operations
attributable to ordinary shareholders (2,037) (3,122)
----------------------------------------- ------------ ----------------
Loss from continuing and discontinued
operations attributable to ordinary
shareholders (2,270) (19,551)
Weighted average number of shares 152,839,321 165,130,024
----------------------------------------- ------------ ----------------
Basic and diluted loss per share
- continuing operations (1.33p) (1.89p)
----------------------------------------- ------------ ----------------
Basic and diluted loss per share
- continuing and discontinued
operations (1.49p) (11.84p)
----------------------------------------- ------------ ----------------
Adjusted loss per share
Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
Loss from continuing operations
attributable to ordinary shareholders (2,037) (3,122)
Amortisation of intangibles - -
Share-based payment 207 52
Share buyback costs 119 -
Financing set up fees - 263
Adjusted loss after tax (1,711) (2,807)
----------------------------------------- ------------ ----------------
Weighted average number of shares 152,839,321 165,130,024
----------------------------------------- ------------ ----------------
Basic and diluted loss per share (1.33p) (1.89p)
----------------------------------------- ------------ ----------------
Basic and diluted adjusted loss
per share (1.12p) (1.70p)
----------------------------------------- ------------ ----------------
The inclusion of potential Ordinary Shares arising from LTIPs,
EMI Options and Incentive Shares would be anti-dilutive. Basic and
diluted loss per share has therefore been calculated using the same
weighted number of shares.
6. Trade and other receivables
Gross Provision Net carrying Gross Provision Net carrying
carrying for impairment amounts carrying for impairment amounts
amounts amounts
2019 2019 2019 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ---------- ---------------- ------------- ---------- ---------------- -------------
Trade receivables 2,262 - 2,262 620 (17) 603
Prepayments 158 - 158 132 - 132
Accrued income 1 - 1 10 - 10
VAT recoverable 87 - 87 41 - 41
Deferred consideration 123 - 123 405 - 405
Other receivables 59 - 182 38 - 38
2,690 - 2,690 1,246 (17) 1,229
------------------------ ---------- ---------------- ------------- ---------- ---------------- -------------
The Group's credit risk on trade and other receivables is
primarily attributable to one receivable. One customer represents
GBP1,608,000 of the Group's trade receivables at 31 March 2019
(2018: two customers GBP513,000). There is no other significant
concentration of credit risk.
The Group believes that the carrying amounts of the Group's
trade receivables by the type of customer gives a fair presentation
of the credit quality of the assets:
2019 2018
GBP'000 GBP'000
---------------------- --------- ---------
Government customers 200 57
Commercial customers 2,062 546
---------------------- --------- ---------
2,262 603
---------------------- --------- ---------
Trade receivables of GBP181,000 (2018: GBP46,000) were past due
but not impaired; trade receivables of GBPnil (2018: GBP36,000) are
past due and stated after reflecting a partial impairment.
The movement in the provision for doubtful debts is as
follows:
GBP'000
---------------------------------------------- --------
At 31 March 2017 376
---------------------------------------------- --------
Provided in period - continuing operations 17
Provided in period - discontinued operations 648
Released - discontinued operations (1,024)
At 31 March 2018 17
---------------------------------------------- --------
Released (17)
---------------------------------------------- --------
At 31 March 2019 -
---------------------------------------------- --------
Trade receivables, net of an allowance of GBPnil (2018:
GBP17,000) for doubtful debts, are aged as follows:
2019 2018
GBP'000 GBP'000
---------------------------------------------------------- --------- ---------
Within credit terms 2,081 539
Not more than three months past due 32 35
More than three months but not more than six months past
due 147 11
More than six months past due 2 18
---------------------------------------------------------- --------- ---------
2,262 603
---------------------------------------------------------- --------- ---------
7. Trade and other payables
2019 2018
GBP'000 GBP'000
--------------------------------- --------- ---------
Current
Trade payables 1,240 732
Accruals 586 549
Deferred income 262 106
Social security and other taxes 72 64
Other payables 20 4
--------------------------------- --------- ---------
2,180 1,455
--------------------------------- --------- ---------
8. Share capital
Number GBP'000
------------------------------------------------ ------------- --------
Authorised, allotted, called-up and fully paid
Ordinary Shares of 1 pence each
------------------------------------------------ ------------- --------
At 1 April 2017 165,130,024 1,651
------------------------------------------------ ------------- --------
Shares issued in the year - -
------------------------------------------------ ------------- --------
At 31 March 2018 165,130,024 1,651
------------------------------------------------ ------------- --------
Share buyback (19,675,906) (196)
------------------------------------------------ ------------- --------
At 31 March 2019 145,454,118 1,455
------------------------------------------------ ------------- --------
Number GBP'000
---------------------------------------------------------- --------
Authorised, allotted, called-up and fully paid
Deferred Shares of GBP1 each
-------- --------
At 31 March 2018 163,124 163
------------------------------------------------- -------- --------
At 31 March 2019 163,124 163
------------------------------------------------- -------- --------
GBP'000
---------------------- --------
Total share capital
---------------------- --------
At 31 March 2018 1,814
---------------------- --------
At 31 March 2019 1,618
---------------------- --------
The Board announced on 12 March 2018 to return up to GBP8
million to shareholders. GBP3.3m was subsequently returned to
shareholders in August 2018 at 17p per share, with 196,675,906
shares being cancelled.
A resolution is included in the notice of Annual General Meeting
to be held in September 2019 to buy back and subsequently cancel
all Deferred Shares later in 2019.
9. Related party transactions
Remuneration
The remuneration of Directors and other members of key
management, recognised in the income statement, is set out below in
aggregate. Key management are defined as the Board of Thruvision
Group plc and other persons classified as 'persons discharging
managerial responsibility' under the rules of the Financial Conduct
Authority. Currently no employees outside of the Directors are
classified as 'persons discharging managerial responsibility'.
2019 2018
GBP'000 GBP'000
------------------------- --------- ---------
Directors' remuneration 480 889
Pension contributions 3 3
483 892
------------------------- --------- ---------
The highest paid Director received GBP235,000 (2018: GBP284,000)
in the year, with GBPnil in pensions contributions (2018:
GBP1,000). Key management compensation comprises short--term
employee benefits (including national insurance) of GBP545,000
(2018: GBP1,012,000), pension contributions of GBP3,000 (2018:
GBP3,000) and share-based payments of GBP84,000 (2018:
GBP66,000).
The Directors shareholding at the year-end are detailed below
(based on the year end share price of GBP0.2865 per share (2018:
GBP0.1125 per share):
2019 2018
No of shares No of 2019 2018
shares GBP'000 GBP'000
Tom Black 11,349,444 11,349,444 3,251,616 1,276,812
Colin Evans 2,423,900 2,423,900 694,447 272,689
Paul Taylor 272,489 272,489 78,068 30,655
------------- -------------- ----------- ---------- ----------
10. Post balance sheet event
The Group has no post balance sheet events.
11. Publication of non-statutory accounts
The above does not constitute statutory accounts within the
meaning of the Companies Act 2006. It is an extract from the full
accounts for the year ended 31 March 2019 on which the auditor has
expressed an unmodified opinion and does not include any statement
under section 498 of the Companies Act 2006. The accounts will be
posted to shareholders on or before 10 July 2019 and subsequently
filed at Companies House.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR FJMJTMBTTBLL
(END) Dow Jones Newswires
June 24, 2019 02:00 ET (06:00 GMT)
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