GCIThruvision reports increased revenues amid heightened security demands
The company reported a 28% revenue increase to £3.5 million for the six months ending 30 September 2023. The boost stemmed from a 16% rise in customs market revenue and increased demand in the entrance security market, reaching £2.0 million and £0.8 million, respectively.
Adjusted gross margin climbed to 53.9%, and although the adjusted EBITDA loss slightly reduced to £1.4 million, cash as of 30 September 2023 stood at £2.4 million.
Following this period, a £3.2 million equity funding round on October 26, 2023, involving Pentland Group among investors, bolsters growth plans in sales, marketing, and software functionality.
Pentland Group's increased strategic shareholding to 10% indicates confidence in Thruvision's market potential, especially with their stake in JD Sports, one of Thruvision's long-standing customers.
Looking ahead, Thruvision expressed confidence in its strong growth prospects for the second half and beyond, bolstered by the recent strengthening of its balance sheet, existing order backlog, and a healthy sales pipeline.
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Thruvision showcased an overall positive performance, poised to benefit from various drivers influencing its performance for the remainder of FY24.
Rapidly establishing itself as a market leader in security tech, particularly evident in its customs division, Thruvision's technology is instrumental in screening 100% of legal entrants to the US at certain locations. The company solidifies revenue streams through a multi-year agreement with CBP, extending until September 2026, with expectations for further orders to elongate the contract.
Deployed in over 20 countries across government and commercial organisations, Thruvision's technology distinguishes itself by its real-time detection of concealed objects using advanced AI-based algorithms.
Well-positioned in a large and expanding market with diverse revenue streams, Thruvision is anticipated to sustain its strong trajectory for the remainder of FY24.
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