Thruvision Group PLC Pre-Close Statement (2129U)
April 01 2021 - 1:00AM
UK Regulatory
TIDMTHRU
RNS Number : 2129U
Thruvision Group PLC
01 April 2021
1 April 2021
Thruvision Group plc
(" Thruvision " or the " Group ")
Pre-Close Statement
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 2021.
The Group experienced a weak second half in both its Customs and
Aviation sub-sectors due to Covid-19 which has adversely impacted
revenues. However, the Profit Protection sub-sector performed
strongly and continued to strengthen throughout the year. As a
result, full year revenues are expected to be around GBP6.7 million
(FY20 GBP8.0 million), with a consequential impact on
profitability.
The Aviation market was most significantly affected by the
pandemic. Sales here were minimal throughout the year and zero in
the second half. Our expectation to progress TSA accreditation was
frustrated by an effective moratorium on activity across the
aviation sector although our relationship here remains strong and
we fully expect that this process will resume as soon as US
government agencies return to more normal levels of activity. With
daily passenger numbers now steadily climbing in the US, our
medium-term market opportunity here remains undiminished.
The Customs market was similarly affected and, although we saw a
significant order for US Customs and Border Patrol in the first
half, this was not sustained into the second half as governments
across the world effectively shut down all non-essential border
activity. Again, we fully expect this sector to return to growth in
the coming months as the pandemic recedes.
In sharp contrast, the Profit Protection market performed
extremely well as the pandemic accelerated the already strong trend
of retail moving on-line. Despite challenges with gaining access to
customer sites during the various lockdowns, our revenues here grew
by over 40% relative to last year and we received our first orders
from 16 new Profit Protection customers in the year, with 12 of
these in the second half. These new customers included both Third
Party Logistics providers (3PLs) such as FedEx (in the US), CEVA,
Clipper, Unipart and DPD and retailers ASOS, ASDA, Fanatics (in the
US) and Clicks (in South Africa). We also received further orders
during the year from existing customers including JD Sports, Sony,
and Next.
We have continued to manage costs proactively, partly due to
reduced travel, and consequently cash was GBP7.3 million on 31
March 2021 (31 March 2020: GBP8.4m and 30 September 2020: GBP5.0
million).
As lock-down restrictions ease, particularly in the UK and US,
and with a number of major new name customers in Profit Protection,
we are well positioned to benefit from the rapid growth in this
market where the effectiveness of our "hands off" security
screening is rapidly gaining traction with on-line retailers and
their logistics partners. We also expect to benefit from the
Aviation sector's recovery and to see a resumption of orders in
Customs in the next 12 months.
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 / Shamma Kelly
About Thruvision
Addressing the urgent need for "safe distance" people security
screening in the 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 in Washington DC.
www.thruvision.com
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