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Published on: September 30, 2022

FY results show growth trajectory back on track

Thruvision’s FY results to 30 March 2022 demonstrate a return to growth, driven by a strong H2. Results were in line with our forecasts, which we reinstated earlier this year. Overall revenue grew by 25% to £8.4m (FY21: £6.7m), resulting in a reduced operating loss of £1.9m (FY21: £2.8m loss). Profit Protection delivered significant growth, with revenue up by 73% (FY21: 49%), now accounting for over 45% of group revenues. Although year-on-year Customs revenue was flat, material revenue was achieved in H2 and post period as the anticipated orders from US Customs and Border Protection (CBP) started to flow through. Management notes that although the economic situation has become more challenging for retailers, demand for the Thruvision product is robust, with trading in the current financial year to date consistent with the same period last year, ahead of the Christmas spike. We believe that Thruvision has returned to its pre-pandemic growth trajectory and importantly is firmly on track to deliver an EBITDA-breakeven result in FY23, for the first time in the group’s history.

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