Thruvision narrows loss as revenue almost 10 times higher
By Duncan Ferris
Date: Monday 10 Dec 2018
(Sharecast News) - Thruvision Group reported a narrower interim loss on Monday, though increased costs and investment cancelled out some of the benefits of rising revenues.
For the six-month period ended 30 September, the people-screening and internet security specialist recorded a loss before tax of £0.8m, down from £2.4m in the same period last year, as revenue expanded from £0.3m to £3.2m.
Sales growth was driven by the sale of 60 Thruvision units, up from three in the same period last year and up from 57 across the prior full year.
However, expenses associated with share-based payments to staff, marketing costs and investments by Thruvision in its in engineering and manufacturing capabilities stopped the AIM traded company from swinging to a profit.
Thruvision had cash and cash equivalents of £12.6m at the period end, up from £0.1m at the same point last year.
A statement from the company said that the continuing strengthening of its sales pipeline and increases to production capacity had ensured that the business is trading in line with management's expectations.
Colin Evans, managing director of Thruvision, said: "We are pleased with the progress we have made in the first half of this year. We continue to deliver additional units to existing customers, and we are also winning new customers across a variety of geographies and markets, with particular success in transportation and loss prevention."
Evans added that this success, in conjunction with the company's deployment to the LA Metro and relationship with the TSA, underpinned the international appeal of Thruvision's work.
Thruvision's shares were up 2.23% at 27.50p at 1014 GMT.
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