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Published on: April 26, 2024

Strong growth outside CBP

Thruvision’s year-end trading update confirms revenues broadly in line with our expectations at c.£7.8m, and an EBITDA loss of c.£2.5m. There is good momentum from both new and existing clients, with Thruvision reaping the benefits of a broad customer base, spanning a number of international markets. Adjusting for the impact of US Customs and Border Protection (CBP) orders, revenue growth was 85% to £7.6m (FY23: £4.1m). Demand has been strong from the Entrance Security market given the worsening geopolitical climate, and recent policy changes are driving demand from US Aviation. Around 70% of revenue came from existing customers, most of whom were upgrading to the group’s WalkTHRU technology, which is gaining significant traction. We are encouraged by the level of revenue growth outside of CBP and will look to introduce FY25 estimates as the year progresses, with the multi-year CBP framework in place for when funding support returns.

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