Thruvision FY24 adjusted underlying losses widen

Security technology business Thruvision said on Friday that adjusted underlying losses had widened in FY24 as revenues fell.

Thruvision expects full-year adjusted LBITDA to be in the region of £2.5m, widening from the prior year's loss of £200,000, as revenues were seen at roughly £7.8m, down from £12.4m a year earlier due to a "lack of further significant orders" from US Customs and Border Protection.

The AIM-listed group noted that adjusting for the impact of this single customer, revenue growth was 85% to £7.6m on a like-for-like basis.

Thruvision also stated that the US Transportation Security Administration has recently changed its policy to require increased security screening of aviation employees, which has led to "a meaningful pick-up in sales enquiries", which it expects to lead to new sales in FY25.

Chief executive Colin Evans said: "The very strong revenue growth we achieved from customers outside of US Customs and Border Protection is encouraging. In particular, the worsening geopolitical climate resulted in very strong interest from the Entrance Security market, a trend we expect to see continue. The group's multi-year CBP framework purchasing agreement remains in place for when Congressional funding support returns and recent policy changes are now driving demand from US Aviation.

"The fact that we are, post-Covid, once again operating in four distinct end markets underpins our confidence in our future growth and our expectation that we will reach profitability in the short-term."

As of 1040 BST, Thruvision shares were down 1.67% at 17.70p.

Reporting by Iain Gilbert at Sharecast.com