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Published on: December 19, 2022

Strong H1 shows traction in core markets

Thruvision has announced strong H1 results to 30 September, with the full year expected to be in line with market expectations. Thruvision’s unique offering and growing traction within its two core markets have driven revenue growth of 41% to £2.8m. The Customs division has contributed very strongly, and we expect the acceleration of growth to continue given the recently announced US Customs and Border Protection (CBP) framework agreement. Two confirmed CBP orders worth £8.7m ($9.7m) underpin FY23E, with most of the backlog, if not all, expected to be delivered in H2. Profit Protection revenue was flat year on year, having achieved c. 70% growth in FY22. Management has been quick to acknowledge the slower growth in Profit Protection caused by economic uncertainty, however employee theft continues to be a big (and growing) issue for retailers. Thruvision remains firmly on track to deliver an EBITDA-breakeven result in FY23, for the first time in the group’s history, with cash burn much reduced.

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