Thruvision is the leading developer, manufacturer and supplier of walk-through security technology.
Thruvision (THRU)
Strategic sales partnerships set to drive growth
Thruvision’s FY24 results are in line with the April trading update, demonstrating progress in expanding its reach through a broader set of sales partnerships. The group’s unique offering and growing traction in its four core markets drove revenue growth of 85%, adjusting for lack of a US Customs and Border Protection (CBP) order. The technology is fully proven in the international security market and 70% of revenue across the group was from existing customers, most of whom are well-known government agencies and leading retailers. The broad customer base and activity in more markets is helping to offset the lack of a CBP order in this US Government fiscal year, given the well-publicised US Federal Budget stalemate. Given the current sales pipeline, we estimate that revenue and profitability is tracking towards the level achieved in FY23. We therefore introduce FY25 estimates with revenue of £10.9m and EBITDA of -£0.8m.
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