Published on: November 22, 2021

H1 2022 results reflect increasing confidence

Thruvision’s H1 results to 30 September 2021 demonstrate enhanced confidence for H2 and beyond, and we reinstate forecasts for FY22 with revenue of £8m. Momentum has steadily gathered pace, with a strong performance from Profit Protection. The decision by Tesco, the leading UK retailer, to deploy Thruvision at scale represents a significant contract win. The group has delivered gross margin growth and retained its balance sheet strength by way of stringent cost control and a shift in revenue mix. Management has acted quickly to offset pandemic-related weakness in some of its core end-markets by capitalising on the growth in Profit Protection. We see this segment as a significant driver of profitability in the short to medium term, coupled with an anticipated increased order flow from US Customs and Border Protection (CBP).

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