3rd Oct 2019 11:32
(Alliance News) - Thruvision Group PLC said Thursday it saw continued "good commercial momentum" in the first half, with revenue rising 50%.
In the six months ended September 30, the security system supplier expects to report revenue of GBP4.8 million, 50% higher than the GBP3.2 million generated the year before.
Thruvision attributed the sharp growth to an increase in customer unit deliveries, growing to 64 from 60. The company also noted a greater proportion of these deliveries were high-end units than in prior years, which added to revenue growth and improved gross margins.
"Sales momentum was particularly strong in our Customs market segment. Thruvision's combined strengths of safe and non-intrusive technology, along with an ability to reliably detect non-metallic items like drugs and bank notes, is helping to cement the group's leading position in this international market," said Thruvision.
The company said it signed Macau Customs and US Customs & Border Protection as clients during the half, becoming the firm's seventh and eight customer, respectively.
"Good strategic progress continued to be made in our aviation segment with Thruvision being purchased by Los Angeles International Airport for employee screening purposes, and further technical progress made toward being approved for use in passenger screening in US airports by the Transportation Security Administration's Innovation Task Force," the company added.
In the company's Loss Prevention unit, Thruvision noted the "important new customer" of FTSE 100-listed WM Morrison Supermarkets PLC.
"Following this important win, the group's new Loss Prevention sales team has significantly strengthened its sales pipeline in this area, with existing customers continuing to report a rapid return on investment when purchasing Thruvision units," the company said.
Thruvision ended the half with GBP8.7 million cash in hand, 7.4% lower year on year from GBP9.4 million.
"Growing international brand recognition, strategic progress across the US Federal Government, healthy R&D, and a strengthening sales pipeline re-affirms the board's confidence in the prospects for the group," Thruvision added.
Shares in Thruvision were 3.0% higher in London on Thursday at 27.80 pence each.
By Paul McGowan; [email protected]
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