Thruvision Group plc
Interim results to 30 September 2021
22 November 2021
Headlines
Steadily building momentum since the spring, with continued strong performance in our Profit Protection market. This, plus very active engagement with US Customs and Border Protection (CBP), means we are increasingly confident about achieving growth in FY revenue and beyond
Revenue of £2.0 million (H1 2021: £ 4.7 million), with EBITDA loss of £1.6 million (H1 2021: breakeven) Trading since 30 September has strengthened significantly and confidence about H2 trading is high
Profit Protection revenue grew by 50% to £1.0 million in the first half (H1 2021 £0.65 million) and a further £1.7 million of orders have since been received
Since the end of H1 we have received a major order from Tesco, the leading UK retailer, following its decision to deploy Thruvision at scale across its UK distribution network
Last year's large H1 sale to US Customs and Border Protection (CBP) was not repeated in H1 this year but strong engagement during H1 supports confidence of expected order-flow in H2
Transportation Security Administration (TSA) accreditation testing continued after the Covid-19 hiatus
The Group's EBITDA loss was £1.6 million (H1 2021: breakeven) and gross margin of 49% (H1 2021: 48%)
Cash balance at 30 September 2021 was £4.1 million (31 March 2021: £7.3 million), with cash at 19 November 2021 of £4.0 million
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FY22 Interims Income Statement
Strong Profit Protection growth in the first half with £ 1.7 million of further PP sales closed since end of H1. H1 FY20 included £ 2.9 million of CBP revenue that was not repeated this half
Interims Income Statement | H1 | H1 | Change |
£ million | FY22 | FY21 | |
Revenue | 2.0 | 4.7 | (2.7) |
Gross Profit | 1.0 | 2.3 | (1.3) |
Gross Margin | 49% | 48% | 1.0% |
Total overhead expenses | (2.5) | (2.2) | (0.3) |
EBITDA* | (1.6) | (0.0) | (1.6) |
* Excludes Share Option charges, Depreciation & FX
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Overhead costs
Overheads - Overheads increased by 14% to £2.5 million compared to the corresponding period in FY21. This was due to investment to drive growth in the US and Europe which was offset by reduced international travel as a result of the lockdowns.
Engineering - new VP Software to lead further software related improvements including AI developments
Sales & Marketing - investment to target growth in our European and US profit protection markets
Property, Administration, PLC & Management - modest increase driven by corporate structure tidy-upfees
Overhead costs * | H1 | H1 |
£ million | FY22 | FY21 |
Engineering | (0.8) | (0.7) |
Sales & Marketing | (0.9) | (0.8) |
Property & administration | (0.2) | (0.2) |
PLC & Management | (0.6) | (0.5) |
Total | (2.5) | (2.2) |
* Excludes Share Option charges, Depreciation & FX
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Cash bridge
£m
H1 FY22 Cashflow (£m)
15.0
10.0 | |||||||||||||||||||||||||||||
1.47 | 0.13 | ||||||||||||||||||||||||||||
0.84 | 0.87 | Revenue growth | |||||||||||||||||||||||||||
5.0 | 0.11 | ||||||||||||||||||||||||||||
7.27 | up +93% | ||||||||||||||||||||||||||||
Gross Profit4.10 | |||||||||||||||||||||||||||||
0.0 | |||||||||||||||||||||||||||||
>+100% | |||||||||||||||||||||||||||||
Adjusted | |||||||||||||||||||||||||||||
Debtor balance at 30 September 2021 ~ £1m | EBITDA* +22% | ||||||||||||||||||||||||||||
Cash balance as at 19 November 2021 - £4.0m with debtors due of ~ £2m | |||||||||||||||||||||||||||||
Stock increase to support expected orders |
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Thruvision Group plc published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 14:31:07 UTC.