Business
Results for the Year ended 31 March 2020
Results for the Year ended 31 March 2020.
About this update from Thruvision Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 1862P\n Thruvision Group PLC\n 08 June 2020\n \n \n \n \n \n \n \n \n 8 \n \n \n June\n \n \n 2020\n \n \n \n \n \n \n Thruvision Group plc\n \n \n \n \n \n \n (\"\n \n \n Thruvision\n \n \n \" \n \n \n or the \n \n \n \"\n \n \n Group\n \n \n \")\n \n \n \n \n \n \n Results for the Year ended 31 March 2020\n \n \n \n \n \n \n \n \n Thruvision (AIM: THRU), the specialist provider of people-screening technology to the international security market, announces results for the financial year ended 31 March 2020.\n \n \n \n \n \n Highlights\n \n \n \n \n \n ·\n Good revenue growth to £8.0 million (2019: £6.0 million) with operating loss before tax reduced to £1.7 million (2019: £2.1 million); \n \n \n ·\n Adjusted loss before tax* of £1.2 million (2019: £1.7 million);\n \n \n ·\n Ten new customers in the year accounting for 55% of units sold and including US Customs, British Government and Morrisons, along with repeat orders from four existing customers;\n \n \n ·\n Notable uptake of new product variants which has led to increased average revenue per unit and gross profit margins;\n \n \n · \n COVID-19 pandemic is changing the security industry landscape by prioritising the need for 'safe distance' security screening technology like Thruvision;\n \n \n ·\n Cash at 31 March 2020 of £8.4 million† (31 March 2019: £9.4 million).\n \n \n \n \n \n * Adjusted loss before tax is defined as loss before tax from continuing operations, adding back share-based payments and share buyback costs.\n \n \n †On 19 March 2020 Thruvision Group Plc entered into a trade with Investec to sell $4.4m USD at the available spot rate. IFRS 9 requires the gain to be recorded within Current Assets and as such the difference in value between the prevailing year end USD/GBP exchange rate and the value of the contract is not recorded with the Group's cash and cash equivalents. The gain was £0.2m realised and reported in April 2020 as a result.\n \n \n \n \n \n Commenting on the results, Colin Evans, Chief Executive, said:\n \n \n \n \n \n \n \"We have had a positive year, albeit affected in the latter stages by the COVID-19 pandemic. Our three key markets of \n \n \n Profit Protection, Customs and, most recently, Aviation have\n \n \n \n \n \n all p...