Thruvision Group plc

Interims results to 30 September 2020

23 November 2020

Highlights

Despite challenges presented by Coronavirus, strong Q2 performance and careful overheads management resulted in break-even EBITDA for the first half. The varying effects of the pandemic on our different market segments driving further focus within business

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Revenues broadly flat at £4.7 million (H1 2020 £4.8 million) with average revenue per unit and gross margins steady

Break-even EBITDA achieved (H1 2020: (£0.2 million) loss) based on careful overhead management Continued mix of new "flagship" customer wins and further purchases by existing customers

  • Profit Protection - four new Profit Protection customers, including Superdrug's parent company
    AS Watson, plus three returning customers, with CEVA Logistics signing since period end
  • Customs - Second significant order from US Customs, and major Gulf State becomes ninth international customer
  • Aviation - for employee screening, LaGuardia becomes third airport customer along with further purchase by Seattle Airport, and Coronavirus-delayed US Transportation Security Administration testing for passenger screening now restarting
  • First lease hire deals completed in Profit Protection
  • Cash at 30 September 2020 of £5.0 million (31 March 2020: £8.4 million), with cash at 20 November 2020 of £7.8 million

Page 1

FY21 Half Year Income Statement

Strong second quarter and break-even EBITDA based on careful overheads management

£ million

H1

H1

% change

FY21

FY20

Revenue

4.7

4.8

(2%)

Gross Profit

2.3

2.3

0%

Gross Margin

48%

48%

0%

Total admin expenses

(2.2)

(2.5)

(12%)

EBITDA*

0.0

(0.2)

Page 2

* Excludes share based payments

Overhead costs

  • Overheads - reduced from 52% to 49% of revenue and continue to be closely managed
  • Engineering - decreased by £0.1 million - less external R&D spend and reduced travel
  • Sales & Marketing - flat despite our investment in our strategically important US and Profit Protection markets. Investment in two new sales heads offset by close cost management and a reduction in travel specifically to and from Middle East and
    APAC
  • Property & Administration, PLC & Management - savings primarily due to reduced travel

Overhead costs *

H1

H1

£ million

FY21

FY20

Engineering

(0.7)

(0.8)

Sales & Marketing

(0.8)

(0.8)

Property & Administration

(0.2)

(0.3)

PLC & Management

(0.5)

(0.6)

Total

(2.2)

(2.5)

* Excludes Share Option charges, Depreciation & FX

Page 3

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Thruvision Group plc published this content on 23 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 11:32:06 UTC