Thruvision Group plc

Company Descriptions

Spun out from the British Government's Rutherford Appleton Labs in 2002, Thruvision Group is an AIM-quoted technology company that develops, manufactures and sells people-security-screening technology. Thruvision has developed a range of exceptional cameras that register minute differences in body heat, and the technology can detect relatively small objects hidden under an individual's clothing. Based in the UK, Thruvision sells its products globally, focusing on three main sectors, Aviation, Customs and Profit Protection, while Mass Transit and Event/Location Entrance protection markets could be developed in future. A key feature of Thruvision's technology is that it operates at a physically distant range of several metres and completely removes the need for physical searches.

Investment Summary

Thruvision offers exposure to growth markets with high barriers to entry and has good relationships in the International Customs market. Retail Profit Protection (warehouse staff theft) has an established customer base including high-profile retailers such as Tesco, Next, FedEx and CEVA. The business is now at an inflection point and first year of breakeven. The business has multiple growth opportunities with no direct competitors, and is gaining significant traction in its core markets. The technology is deployed in a variety of use cases, including airport security, major venues and loss prevention in distribution centres.

A recent breakthrough order with US Customs and Border Protection (CBP) underpins revenue moving forward, coupled with growing interest from international agencies. Thruvision is expanding its product range, with its dynamic detection AI algorithm under software license and the introduction of the WalkTHRU screening lane developed in partnership with Next Plc.