Thruvision Group Plc · LSE:THRU
Thruvision — H1 FY2024 Earnings Presentation
14 slides from Thruvision's earnings presentation, Nov 20, 2023
Slide 1: FY24 Interim Results
THRUVISION PEOPLE-SCREENING FY24 Interim Results 20 November 2023
Slide 2: Headlines
Headlines Resilient performance, with increased demand from a broader base of customers and markets, meaning CBP impact mitigated Revenue - up 28% to £3.5 million (H1 2023: £2.8 million) Broadening revenue base - good progress with other international Customs agencies and Retail Distribution augment
Slide 3: Strategy update
Strategy update We are seeing increasing demand from Entrance Security, alongside continued good progress in Retail Distribution and Customs. In Aviation, policy changes in the US are potentially opening Employee Screening up for us. RETAIL DISTRIBUTION CUSTOMS AVIATION ENTRANC CURITY Reducing staff
Slide 4: Alternative performance measures
Alternative performance measures (‘APMs’) are used consistently throughout this presentation and are referred to as ‘adjusted’. 1 Re-translation of US$ entity revenue at prior year exchange rates results in a constant currency increase in Group revenue of 29%.
Slide 5: Top-line performance
Top-line performance Expecting H2 revenues to show growth on HI, with no further equipment purchase by CBP in FY24 12.4 WB Backlog HB Retail distribution Hi customs - non CBP Hi Customs - CBP HB Aviation MB Entrance security FY22 FY23 FY24 H1 Backlog to deliver H2 FY24 v_ Backlog at 30 September of
Slide 6: Financial performance
Financial performance Adjusted EBITDA loss Plc costs up £0.1m Adjusted gross profit up £0.5m Property and admin up £0.1m Adjusted gross margin 53.9% up 5.0bps One-off CFO change PY (£0.2m) Adverse FX £0.3m Mix driven by pricing. k ——— if \ (0.3) (1.4) (1.6) FY23 H1 Volume Mix Production Overheads FY
Slide 7: Financial performance: cash flow and working capital
Financial performance Cash flow and working capital Receivables inflow of £1.5m driven by remaining CBP cash from FY23 revenue. 2.8 24 14 (14) 1.0 FY23 Adjusted Net Tax inflow Capex Lease Purchase Exchange FY24 March EBITDA — working payments of own Sep Cash capital shares Cash inflow THRUVISION Pag
Slide 8: Taking WalkTHRU forward
Taking WalkTHRU forward Due to be launched early 2024, our new “SmartSCREEN” software fuses latest video Al capability with our high-performance sensor platform vy Major step forward in capability based on completely new software architecture v_ Part of new camera hardware family, with hardware upgr
Slide 9: 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 v Key market research shows employee theft is a significant and growing problem and was widely reported in key trade as w
Slide 10: Strong presence with Customs agencies
Strong presence with Customs agencies Two new customers added Setback with US Customs and Border in H1 Protection (CBP) v Asian agency with major narcotics v Broader budget issues led to no order control issue ordered first tranche from CBP in September of cameras for deployment at principally land
Slide 11: Rebound in interest for Entrance Security
Rebound in interest for Entrance Security Increasing geopolitical tensions have stimulated good progress in Entrance Security, where we are engaged in many different situations across the world v v v v v International Go-To-Market strategy v Page 10 signing up Value-Added Resellers Sites of national
Slide 12: Moving forwards in Aviation
Moving forwards in Aviation Changes in US policy regarding Employee Security is driving renewed interest from US airports Seattle-Tacoma v TSA policy change is requiring US SE Aten airports to upgrade security technology for screening employees vy Seattle-Tacoma, where have have been used for 4 year
Slide 13: Outlook
Outlook The leading provider of walk-through security technology v Resilient HIFY24 and robust gross margin, despite CBP setback Entrance Security re-emerging, given geopolitical change, as an important market alongside Customs and Retail Distribution Strong product roadmap, building on WalkTHRU wit
Slide 14: 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 people need to be sc