Business
Results for the year ended 31 March 2023
Results for the year ended 31 March 2023.
About this update from Thruvision Group Plc
[{"type":"text","content":"\n\n \n \n21 July 2023\nThruvision Group plc\n \nResults for the year ended 31 March 2023\n \nThruvision Group plc (AIM:THRU, \"Thruvision\" or the \"Group\"), the leading provider of walk-through security technology, today publishes its results for the financial year ended 31 March 2023.\n \nKey Highlights\n\n\n\n· \n\n\nRevenue was up 49% to £12.4 million (2022: £8.4 million).\n\n\n\n\n· \n\n\nMulti-year framework contract awarded by US Customs and Border Protection ('CBP') and related orders from the same customer delivered revenue of £8.3 million (2022: £3.7 million).\n\n\n\n\n· \n\n\nAdjusted gross margin2 up 4.8pp to 51.5% resulting from positive product mix and higher margin software revenue, with statutory gross margin3 growing 6.2pp to 47.0% reflecting production efficiencies.\n\n\n\n\n· \n\n\nAdjusted EBITDA2 loss was £0.2 million (2022: loss £1.7 million).\n\n\n\n\n· \n\n\nOperating loss was £1.0 million (2022: loss £1.9 million)\n\n\n\n\n· \n\n\nCash balance as at 31 March 2023 was £2.8 million (31 March 2022: £5.4 million), with cash at 20 July 2023 of £2.4 million.\n\n\n\n \n\n\n\n \nContinuing operations\n\n\n2023\n£m\n\n\n2022\n£m\n\n\n \nChange\n\n\n\n\nStatutory measures:\n\n\n \n\n\n\n\n\n\n\n\n\n\nRevenue1\n\n\n12.4\n\n\n8.4\n\n\n+49%\n\n\n\n\nGross profit3\n\n\n5.8\n\n\n3.4\n\n\n+71%\n\n\n\n\nGross margin3\n\n\n47.0%\n\n\n40.8%\n\n\n+6.2pp\n\n\n\n\nOperating loss\n\n\n(1.0)\n\n\n(1.9)\n\n\n+48%\n\n\n\n\nLoss before tax\n\n\n(1.0)\n\n\n(1.9)\n\n\n+48%\n\n\n\n\nLoss per share (pence)\n\n\n(0.55)\n\n\n(1.14)\n\n\n+52%\n\n\n\n\nAlternative measures2:\n\n\n \n\n\n\n\n\n\n\n\n\n\nAdjusted gross profit\n\n\n6.4\n\n\n3.9\n\n\n+64%\n\n\n\n\nAdjusted gross margin\n\n\n51.5%\n\n\n46.7%\n\n\n+4.8pp\n\n\n\n\nAdjusted EBITDA loss\n\n\n(0.2)\n\n\n(1.7)\n\n\n+87%\n\n\n\n\nAdjusted loss before tax\n\n\n(0.8)\n\n\n(2.3)\n\n\n+62%\n\n\n\n\nAdjusted loss per share (pence)\n\n\n(0.46)\n\n\n(1.39)\n\n\n+67%\n\n\n\n1 Re-translation of 2023 US$ entity revenues at prior year exchange rates results in a constant currency increase in Group revenue of 37%.\n2 Alternative performance measures ('APMs') are used consistently throughout this announcement and are referred to as 'adjusted'. T...