Thruvision FY losses narrow thanks to revenue growth

Security technology firm Thruvision said on Friday that underlying losses looked set to have narrowed in its recently wrapped up trading year thanks to an improved annual revenue performance.

Thruvision said revenues for the twelve months ended 31 March were expected to have risen from £8.4m to approximately £12.4m, up roughly 48% year-on-year, while its adjusted EBITDA loss of £200,000 was a marked improvement on the prior year's loss of £1.7m.

The AIM-listed group added that its ash balance on 31 March was £2.8m, down from £5.4m at the same time a year prior, reflecting the post-year-end timing of payments for orders delivered in February and March.

Chief executive Colin Evans said: "We had a break-through year in terms of record revenues, up almost 50%. We are building out our leading position as a mainstream provider of walk-through security technology and increasing our market share in a number of growing and established markets.

"With a framework purchasing agreement in place with US Customs and Border Protection, and our retail customers reporting a rapid return on investment after purchasing our technology, we remain confident that these markets will deliver long-term profitable growth.

As of 1045 BST, Thruvision shares were up 2.29% at 25.06p.

Reporting by Iain Gilbert at Sharecast.com