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Published on: October 2, 2023

CBP shortfall but strength elsewhere

Thruvision‘s H1 24 trading update, to 30 September, describes a strong H1 performance, but notes that the Customs sector has suffered a setback. An anticipated order from US Customs and Border Protection (CBP) was not awarded during the US Government fiscal year, due to budgetary challenges. In our view, this is a timing issue, and we would hope to see material CBP orders in September 2024, although these will fall outside Thruvision’s current financial year. Despite this, Customs revenue grew 16% half on half, benefitting from a major contract win, while Entrance Security experienced a bounce-back in demand. Retail Distribution has continued to win clients and is gaining traction with a growing number of leading retailers and global logistics providers. Despite the resilient update, and a £1m order backlog, we reduce FY24E estimates to reflect the absence of the CBP order.

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