Thruvision Group PLC Trading Statement (5522I)
02 Abril 2020 - 12:40AM
UK Regulatory
TIDMTHRU
RNS Number : 5522I
Thruvision Group PLC
02 April 2020
2 April 2020
Thruvision Group plc
(" Thruvision " or the " Group ")
Pre-close statement
Thruvision (AIM: THRU), the specialist provider of
people-screening technology to the international security market,
is pleased to provide an update on trading for the financial year
ended 31 March 2020.
The Group maintained good momentum through much of the second
half of the year, with good revenue growth complemented by
continued strategic progress in our profit protection and aviation
markets. However, the recent COVID-19 pandemic has caused a
material slowdown in order-flow in March, meaning full year
revenues are now expected to be GBP8.0 million (FY19: GBP6.0
million), somewhat below our previous expectations.
Second half sales saw repeat orders from existing customers,
including an Asian government and supermarket group, Morrisons,
which is rolling out Thruvision units across its Distribution
Centre estate. Two new profit protection customers ordered their
first units, one of which, significantly, is our first in North
America. We also received our first order for the Group's new
higher performance 16-channel sensor from a global technology firm
seeking to improve data centre security. We continued to support
ongoing rollouts of units purchased by international Customs
agencies in the first half of the year, and we made steady progress
through ongoing US Transportation Security Administration
laboratory testing and airport employee security trials.
Regarding COVID-19, with due regard to government advice, we
have taken all necessary steps to look after the health and
wellbeing of our staff. The pandemic has impacted the Group's
trading in three ways. Firstly, a number of orders have been
delayed as customers review their own trading positions. Secondly,
a number of trials, both in the UK and overseas, have been
postponed due to their inherent logistical challenges in the
current climate. Finally, our current view is that our supply chain
will allow us to sustain moderate production levels for the next
three months. Accordingly, given the evolving nature of COVID-19,
it is too early to provide guidance on the potential impact on the
Group in the new financial year ending 31 March 2021.
We have implemented measures to tighten cash flow management
over the coming months, even though we are in the fortunate
position of having a healthy cash balance and zero debt. Cash at 31
March 2020 was GBP8.6 million, broadly unchanged from the position
at 30 September 2019.
More positively, we are encouraged by the recent uptick in
interest relating to Thruvision's unique ability to provide
effective "hands off" security screening at a safe distance,
without the need for physical "patdowns". We believe this aspect to
our technology, our strong balance sheet and the strength and depth
of our sales pipeline mean we are well positioned to continue to
trade through this difficult period and we remain confident about
our strategic prospects.
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
Thruvision Group plc is a specialist provider of
people-screening technology that can safely see weapons, explosives
and contraband hidden in peoples' clothing. Developed with
extensive support from the British and US Governments, Thruvision
technology is operationally proven and is being used to enhance the
security of transport hubs, borders, high profile buildings and
public areas.
www.thruvision.com
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END
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