TIDMTHRU
RNS Number : 0461H
Thruvision Group PLC
04 April 2022
4 April 2022
Thruvision Group plc
(" Thruvision " or the " Group ")
Year End Trading Update and Board Changes
Thruvision (AIM:THRU), the leading provider of "safe distance"
people-screening technology to the international security market ,
is pleased to provide an update on trading for the financial year
ended 31 March 2022.
Overview
As expected, the second half of our financial year showed a
significant improvement over the first, driven by a considerable
increase in our Profit Protection revenues and further orderflow
for US Customs and Border Protection (CBP). Full year revenue is
expected to be around GBP8.4 million (FY21: GBP6.7 million) and our
cash balance has increased since the half year to GBP5.5 million on
31 March 2022 (30 September 2021: GBP4.1 million; 31 March 2021:
GBP7.3 million).
Trading update
Full year Profit Protection revenue performance was very strong,
increasing more than 70% over the prior year. We received a
significant order from Tesco in our second half and added 3 further
new profit protection customers including our first major European
customer, Zalando. We were also very pleased with the level of
follow-on orders from customers who made their initial purchases in
FY21 including CEVA Logistics and ASOS, and by established
customers such as Next and Boots who started upgrading their people
screening fleets during the year. In the US, our strengthened
Profit Protection team secured an initial order from Republic
National Distributing Company (RNDC), one of the US's largest
alcohol distributors operating across 38 states. Given our
strengthening sales pipeline and the very evident size of market
opportunity in the US, we will continue to actively pursue growth
here.
As reported in our Interim Results in November, we supported US
CBP in deploying its existing units to the Southern Border to
enable it to manage the very high levels of migration there. This
close engagement has proven the significant value our solution
provides, both in terms of actual seizures of drugs and cash, and
the very positive feedback from front-line officers. As a result,
we received material orders in the second half to start the process
of upgrading CBP's existing 8-channel cameras to the latest,
16-channel model, a process that will extend into FY23. At the very
end of our financial year CBP publicly announced procurement plans
to acquire significant numbers of additional "passive body
scanners" during 2022 and beyond and this gives us confidence that
further orders will follow in the coming months.
In Aviation, some further progress has been made through the US
Government's Transportation Security Administration (TSA)
accreditation process, although this remains very slow. We have
also started a similar process with the Israeli Government which is
in its early stages but currently moving more quickly. As confirmed
recently by US Congress, contactless aviation security remains an
important post-COVID priority and, with global aviation now
recovering well, we continue to focus on national accreditations to
enter this market fully.
With the broader effects of COVID starting to recede, several
new international government agency opportunities have emerged.
Also, previously stalled engagements with other customs authorities
and prison services are starting to move forward again giving us
confidence for additional revenue from the broader international
market in FY23.
Board changes
We are delighted to announce the addition of another
non-executive director, Katrina Nurse (age 50) , to our Board with
effect from 1 April 2022. Katrina is a highly experienced CFO from
the retail sector with a track record of growing businesses
including Selfridges, Pentland Group, Arcadia Group and most
recently Asda. Katrina will join the Audit, Remuneration and
Nomination committees of the Group and will also chair a new Profit
Protection Advisory Board which aims to increase the visibility of
Thruvision's technology to more senior retail industry executives
across the UK, US and Europe.
We also announce that, after three years with the business,
Adrian Crockett. our Finance Director, will be leaving the company
in April 2022. Adrian has managed our resources diligently through
COVID, assisted us to prepare for scaling the company globally and
helped drive our revenue growth as markets have recovered and we
are grateful for his contribution. We have appointed an experienced
interim Finance Director, Chris Mann, and have initiated a process
to appoint a permanent successor. We thank Adrian for his efforts
and wish him well as he embarks on the next stage of his
career.
Outlook
Our markets have now substantially recovered from the negative
effects of COVID, and we believe we are now firmly back on a growth
trajectory. The pandemic has strengthened the need for contactless
people security screening and this is most evident in Profit
Protection where increasing traction in the US and Europe means we
are very positive about the Group's prospects. With operational
successes and front-line demand, we are also increasingly confident
about significant growth with CBP. As a result of this positive
momentum in our two main markets, we are confident of good growth
in FY23 and beyond.
For further information please contact:
Thruvision Group plc +44 (0)1235 425400
Tom Black, Executive Chairman
Colin Evans, Chief Executive
Investec Investment Banking (NOMAD & Broker) +44 (0)20 7597 5970
Patrick Robb / James Rudd / Sebastian Lawrence
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Tom Blundell
Additional disclosures in respect of the appointment of Katrina
Nurse
As at the date of this announcement, Katrina Nurse does not have
any beneficial interest in the ordinary shares of the Company.
Katrina Nurse has, in the last five years, been a director of
the companies listed below.
Company Appointed Resigned
UK Biocentre Ltd 01/09/2021 Current
----------- -----------
Fashion & Retail Awards Ltd 01/10/2020 Current
----------- -----------
FRA Enterprises 2020 01/11/2019 19/11/2020
----------- -----------
Pentland Brands Overseas Agency Ltd 02/01/2019 30/09/2020
----------- -----------
Prostar Sports Ltd 02/01/2019 30/09/2020
----------- -----------
Berghaus Ltd 02/01/2019 30/09/2020
----------- -----------
Canterbury European Fashionwear Ltd 02/01/2019 30/09/2020
----------- -----------
Pentland Brands Ltd 02/01/2019 30/09/2020
----------- -----------
Pentland Brands UK Distribution Ltd 02/01/2019 30/09/2020
----------- -----------
Speedo International Ltd 02/01/2019 30/09/2020
----------- -----------
Ellesse Ltd 02/01/2019 30/09/2020
----------- -----------
Canterbury of New Zealand Ltd 02/01/2019 30/09/2020
----------- -----------
Pentland KM Ltd 02/01/2019 30/09/2020
----------- -----------
Red or Dead Ltd 02/01/2019 30/09/2020
----------- -----------
Canterbury Ltd 02/01/2019 30/09/2020
----------- -----------
Pentland Brands Lakeside Ltd 02/01/2019 30/09/2020
----------- -----------
Boxfresh International Ltd 02/01/2019 30/09/2020
----------- -----------
Mitre Sports International Ltd 02/01/2019 30/09/2020
----------- -----------
Pentland Brands Greenhouse Ltd 02/01/2019 30/09/2020
----------- -----------
First Retail UK Ltd 02/01/2019 30/09/2020
----------- -----------
Airborne Footwear Ltd 02/01/2019 30/09/2020
----------- -----------
Selfridges Properties Ltd 20/01/2014 31/10/2018
----------- -----------
Selfridges Holdings Ltd 20/01/2014 31/10/2018
----------- -----------
Selfridges Retail Ltd 20/01/2014 31/10/2018
----------- -----------
SRL Scotland Ltd 20/01/2014 31/10/2018
----------- -----------
SFP Holdings Ltd 15/01/2018 31/10/2018
----------- -----------
Selfridges EU Deliveries Ltd 01/09/2014 31/10/2018
----------- -----------
Selfridges Manchester Ltd 07/12/2017 31/10/2018
----------- -----------
Selfridges & Co Ltd 20/01/2014 31/10/2018
----------- -----------
Dupict Properties Ltd 22/05/2014 31/10/2018
----------- -----------
Selfridges worldwide Deliveries Ltd 01/09/2014 31/10/2018
----------- -----------
Selfridges Financing Ltd 07/12/2017 31/10/2018
----------- -----------
There is nothing further to disclose in relation to the
appointment of Katrina Nurse under Schedule Two, Paragraph (g) of
AIM Rules for Companies.
About Thruvision
Addressing the urgent need for "safe distance" people security
screening in the post-COVID era, Thruvision is uniquely capable of
detecting metallic and non-metallic items including weapons,
explosives and contraband items that are hidden under clothing, at
distances between 3 and 10m. Using patented passive terahertz
technology, Thruvision completely removes the need for physical
"pat-downs" and 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 aviation security, retail supply chain loss prevention,
customs and border control, and public area security. The company
has offices near Oxford and Washington DC.
www.thruvision.com
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