Technology

Thruvision Group plc

  • Market Cap (£m) 39.3
  • Listing AIM

Analysts

Company Description

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.

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Company Management Team

  • Colin Evans

    Chief Executive Officer

    Colin was appointed a Director on 8 February 2010 and was appointed Chief Executive of Thruvision Group plc on 1 November 2017, having previously served in a number of senior management positions. He is responsible for all aspects of the business and draws upon his 22 years’ experience delivering innovative new technology to the international security industry and, in particular, to the US Federal Government. Prior to joining Thruvision, Colin spent 15 years with Detica Group plc, where he was Group Chief Operating Officer. He is currently a Non Executive Director at 6point6 Limited and Cloud Gateway Holdings Limited and their associated companies.

  • Victoria Balchin

    Chief Financial Officer

    Victoria Balchin was appointed Chief Financial Officer on 1 October 2022. Victoria is a qualified Chartered Accountant and has held a number of finance roles within British Sky Broadcasting group plc (2000 to 2005) and SABMiller plc (2005 to 2017) before joining Spectris plc in 2017 as Group Financial Controller. In 2019, she was appointed CFO of Brüel & Kjær Vibro, a Spectris business headquartered in Germany, which was sold by Spectris in March 2021 to a large Japanese listed group.

Key Dates

Apr 2021
1st
Q4 TU
Actual
Jul 2021
12th
Finals
Actual
Sep 2021
28th
AGM
Actual
Oct 2021
7th
Q2 TU
Actual
Nov 2021
22nd
Interims
Actual
Apr 2022
4th
Q4 TU
Actual
Sep 2022
30th
Finals
Actual
Oct 2022
12th
Q2 TU
Actual
Oct 2022
26th
AGM
Actual
Dec 2022
19th
Interims
Actual
Apr 2023
21st
Q4 TU
Actual
Jul 2023
21st
Finals
Actual
Sep 2023
21st
AGM
Actual
Oct 2023
2nd
Q2 TU
Actual
Nov 2023
20th
Interims
Actual
Apr 2024
18th
Q4 TU
Estimate
Jun 2024
10th
Finals
Estimate
Sep 2024
21st
AGM
Estimate
Nov 2024
20th
Interims
Estimate