Thruvision (THRU,) a provider of walk-through security technology, today published a trading update for the financial year ended 31 March 2023, with revenue growth nearly doubling to 48%, and EBITDA nearing breakeven.
In September 2022, Thruvision achieved a major milestone by receiving two Customs and Border Protection (CBP) awards. By the end of H2, the company successfully delivered all the upgraded systems that had been ordered. CBP has already deployed more than half of the order with significant success. Once the deployment is complete, CBP will be using over 100 of Thruvision's latest systems to screen migrants and travelers for contraband at various locations. In addition, Thruvision secured a multi-year CBP framework purchasing agreement, and the company anticipates further orders as CBP usually places new orders towards the end of the US Government fiscal year, ending on September 30.
With regards to retail distribution, Thruvision highlighted that employee theft remains an issue in the retail industry and the company is well placed to take advantage when economic conditions improve. Thruvision further noted that the retail distribution market showed resilience despite customer challenges, expanding in Europe and the US, adding new customers, and receiving more orders from existing ones.
Colin Evans, Chief Executive, commented: "We had a break-through year in terms of record revenues, up almost 50%. We are building out our leading position as a mainstream provider of walk-through security technology and increasing our market share in a number of growing and established markets.”
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A positive trading update from Thruvision, which has scope to benefit from several drivers that will influence its medium term-performance. Thruvision is likely to see continued growth in its customs division and retail distribution division, with the latter benefitting from new product rollouts and an increase in revenue as the retail industry recovers.
Despite the tough economic backdrop, the retail industry is showing some signs of recovery, illustrating an increased demand for Thruvision’s products. Data from the British Retail Consortium showed that total retail footfall in the UK increased by 10.4% last month on a year-on-year basis, along with new data released today showing that consumer confidence was up by six points in March, the highest since February 2022.
Thruvision is already rapidly establishing itself as the industry-leading solution, with technology deployed in more than 20 countries around the world by government and commercial organisations in a wide range of security situations. the company's patented technology is uniquely capable of detecting concealed objects in real-time using an advanced AI-based detection algorithm. With Thruvision well-positioned in a large and growing market, along with diverse revenue streams, we expect the company to continue along its strong trajectory in FY24.
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