Thruvision Group PLC · LSE:THRU
Thruvision — FY2023 Earnings Presentation
19 slides from Thruvision's earnings presentation, Jul 21, 2023
Slide 1: FY23 Full Year Results
FY23 Full Year Results 21 July 2023
Slide 2: Headlines
Headlines Breakthrough year for the Group where we delivered very strong revenue growth and took a significant step towards sustainable profitability Revenue - up 49% to £12.4 million (2022: £8.4 million) CBP - Multi-year framework contract awarded by US Customs and Border Protection (‘CBP’) and rel
Slide 3: Financial drivers
Financial drivers Focusing on key factors that drive value in Thruvision ▼ Attractive gross margins at ~50% - potential to improve through monetisation of software and production efficiencies ▼ Well-controlled overhead base – selective investments in capability, for example R&D, sales and marketing.
Slide 4: Results
Results Overview of FY23 2023 2022 £m £m Change Revenue1 12.4 8.4 +49% Adjusted gross profit 6.4 3.9 +64% Adjusted gross margin 51.5% 46.7% +4.8pp Adjusted EBITDA loss (0.2) (1.7) +87% Adjusted loss before tax (0.8) (2.3) +62% Adjusted loss per share (pence) (0.46) (1.39) +67% CBP orders delivered r
Slide 5: Top-line performance
Top-line performance Revenue by market sector and geography +49% +49% 12.4 12.4 2.4 2.2 8.4 8.4 6.7 6.7 3.8 3.5 2.2 1.5 9.2 9.2 3.9 4.5 4.4 4.0 0.3 0.2 0.2 0.6 0.2 0.7 0.9 0.5 0.4 FY21 FY22 FY23 FY21 FY22 FY23 Retail distribution UK and Europe Rest of World Customs Americas Aviation Entrance securit
Slide 6: Financial performance
Financial performance Adjusted EBITDA loss Bonus up £0.4m Sales and marketing up £0.3m Adjusted gross profit up £2.5m Management and Plc up £0.3m Adjusted gross margin 51.5% up 4.8bps One-off CFO change £0.2m Mix driven by higher performance unit sales and software. Favourable FX (£0.2m) (0.1) 0.6 (
Slide 7: Financial performance: cash flow and working capital
Financial performance Cash flow and working capital Receivables outflow of £2.4m due to sales timing. £3.7m trade receivables at 31 March 2023. 5.4 (0.2) (2.3) 2.8 (0.1) (0.2) 0.1 0.0 FY22 March Adjusted Working Capex Lease Share Exchange FY23 March Cash EBITDA capital payments proceeds Cash outflow
Slide 8: Strategy and markets
Strategy and markets The Group’s strategy is to build on its position as the unique provider of Terahertz walk-through security technology, in order to increase its market share in emerging and established sectors RETAIL DISTRIBUTION CUSTOMS AVIATION ENTRANCE SECURITY Reducing staff theft Checking t
Slide 9: First to market with WalkTHRU technology
First to market with WalkTHRU technology Ongoing focus on improving our ability to meet the growing need to detect effectively at walk-through speeds First to market with WalkTHRU – pioneered with NEXT and rapidly gaining traction in Retail Distribution and Customs 100% screening – maximises deterre
Slide 10: Growing with Retail Distribution
Growing with Retail Distribution With a return on investment of typically under six months, organisations use Thruvision at over 100 sites to screen 1,000s of employees every day Seven new customers signed with five WalkTHRU lanes installed “Sticky” customer base with 55% of revenue from existing cu
Slide 11: Strong presence with Customs agencies
Strong presence with Customs agencies Strategic future with US Customs Proven capability in operation and Border Protection (CBP) internationally Multi-year roll-out of our “passive In service with nine other international body scanners” for the detection of Customs agencies illegal contraband comin
Slide 12: Maintain presence in other markets
Maintain presence in other markets Progress with accessing regulated Win high-profile Entrance Security Aviation market projects on an international basis Testing continues by US Government Prisons against accreditation standard – once Government buildings achieved will open access to passenger secu
Slide 13: Outlook
Outlook The leading provider of walk-through security technology Break-through year in FY23 – strong growth with near breakeven achieved for the first time. Strong, sustainable gross margin Established infrastructure covering R&D, manufacturing, finance, sales and commercial Key markets - Customs Ag
Slide 14: Thruvision: Introduction slides
Thruvision Introduction slides Page 13
Slide 15: Introducing the team
Introducing the team Tom Black Colin Evans Victoria Balchin Chairman Chief Executive Chief Financial Officer Tom spent over 20 years with Detica Colin was appointed Chief Executive Victoria was appointed Chief Group plc, where he led the of Thruvision in November 2017, Financial Officer on 1 October
Slide 16: Thruvision
Thruvision The leading provider of walk-through security technology Patented technology uniquely capable of detecting items hidden in clothing in real time Non-metallic as well as metallic items detected Deployed internationally by government and commercial organisations Quickly, safely and efficien
Slide 17: Market context
Market context Faster and more effective than existing technology, with the additional benefit of completely removing the need for physical “pat-downs” Slow and ineffective Effective security screening current search procedure using Thruvision Metallic and non-metallic items Metallic and non- metall
Slide 18: Technology
Technology Patented Terahertz technology with some $50m of investment over the last 20 years Passive technology operating at 250GHz, giving significant performance advantages Modular sensor platform, based on deep THz engineering expertise, delivering a range of products AI-based image processing so
Slide 19: About Thruvision
About Thruvision Thruvision is the leading developer of walk-through security technology, with sales and manufacturing facilities in the UK and US. Its technology is deployed internationally by government and commercial organisations in a wide range of security situations, where large numbers of peo