Thruvision (THRU ) has issued an update on current trading for the first half of the year to 30 September and announced a number of changes to the board, including CEO Colin Evans leaving the company (with chairman Tom Black taking the reins until a successor is appointed). There is good momentum in demand from new and existing clients, and strong progress in expanding its reach through a broader set of sales partnerships, such as Sensormatic. Retail Distribution has performed well, accounting for 85% of revenue in H1, double the prior-year period.
However, the lumpy nature of customs meant that there were no material orders in H1, compared to a single order for £1.9m in the prior year from an Asian customs agency. Given the timing of some of the larger orders, we have trimmed estimates for the current year. However, our revised estimates still factor in over 15% growth in revenue compared to FY24. Thruvision is reaping the benefits of a broad customer base in international markets, with a healthy order pipeline and potential larger orders that would significantly extend the order backlog. We look forward to further detail at the interims on 24 October.