Thruvision Group PLC · LSE:THRU
Thruvision — FY2024 Earnings Presentation
20 slides from Thruvision's earnings presentation, Jun 28, 2024
Slide 1: FY2024 Full year results
FY2024 Full year results 28 June 2024
Slide 2: Headlines
Headlines Broadening demand from Underlying growth of 85% in revenues to £7.6 1 all 4 market sectors million (FY2023: £4.1 million), excluding CBP Strengthening customer Existing customers delivered 70% of 2 relationships revenues – most upgrading to latest WalkTHRU technology Expanding via strategi
Slide 3: Financial headlines
Financial headlines Financial FY24 FY23 £m £m Revenue 7.8 12.4 Adjusted gross profit 4.1 6.4 Adjusted gross margin 53.0% 51.5% Adjusted EBITDA loss (2.5) (0.2) Adjusted loss before tax (3.0) (0.8) Overheads Effectively flat with PLC, property and FX increases offset principally by reduced bonus Cash
Slide 4: Financial headlines
Financial headlines Revenue by Revenue by market sector -37% geography -37% 12.4 12.4 2.2 8.4 8.4 7.8 8.3 7.8 0.2 6.7 6.7 3.7 3.5 2.4 +85% 3.0 1.5 9.2 3.2 0.2 2.0 0.9 1.9 0.8 0.0 4.5 0.8 3.8 4.4 2.4 2.2 2.7 2.5 0.3 0.2 0.2 0.6 0.2 0.6 0.1 0.6 0.3 0.5 0.1 0.3 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 C
Slide 5: Strategic update
Strategic update Proven market sectors with combined Total Addressable Market of many 1,000s of units Retail Customs Entrance Aviation Distribution Agencies Security Multiple flagship customers across all markets and geographies with key validation points 3PL Scalable business model Scalable product
Slide 6: Retail Distribution
Retail Distribution With strong presence with UK retailers established, we are increasingly working with Sensormatic and global 3PLs to extend reach to largest addressable market UK DIRECT SALES SENSORMATIC 3PLs Challenging market Strategic Sales Partnership GXO Retailers facing many challenges We a
Slide 7: Customs Agencies
Customs Agencies Initial deployments Two new customers signed, bringing to eleven Customs Airport Agencies using Thruvision Land crossings Thai Customs - being deployed at four airports and several crossings on the northern border. Future fleet expansion likely Dominican Republic Customs - deployed
Slide 8: Entrance Security
Entrance Security Increasing geopolitical tensions have stimulated good progress in Entrance Security, where we are engaged in many different situations across the world 2017 - 2023 Sites of national significance VVIP site in Middle East Corporate headquarters Bank headquarters in southern Africa 20
Slide 9: Aviation
Aviation TSA National Mandate forcing investment by US airports in Aviation Worker Screening technology TSA requirements - mean airports will require new technology which provides § Explosives detection capability § Mobile and redeployable Credentials - we are very well placed to meet these requirem
Slide 10: Product roadmap
Product roadmap Continued excellent progress in developing all areas of technology to maintain competitive advantage and deliver value Unique patented technology… 71 Series launched in 81 Series Feb-24 with particular Fully mature, patented modular Enabling manufacturing focus on Retail New design t
Slide 11: Outlook
Outlook The leading provider of walk-through security technology Broadening demand – with activity in all four of our market sectors, building on FY2024’s strong underlying revenue growth Customer satisfaction – continuing to ensure high levels of repeat customer revenue through excellent support an
Slide 12: Introductory slides
THRUVISION COMMERCIAL IN CONFIDENCE Introductory slides Page 11
Slide 13: 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 14: 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 15: 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 16: Market Sectors
Market Sectors We sell into four market sectors on an international basis. Each sector has specific operational needs and purchasing cycles which, taken together, offer us a very large combined addressable market to grow into RETAIL DISTRIBUTION CUSTOMS AGENCIES AVIATION ENTRANCE SECURITY Reducing s
Slide 17: Detailed financials
THRUVISION COMMERCIAL IN CONFIDENCE Detailed financials Page 16
Slide 18: Financial performance
Financial performance Adjusted EBITDA loss Lower bonus down £0.4m Sales & marketing down £0.1m Management down £0.1m; offset Adjusted gross profit down £2.3m Adverse FX up £0.3m Adjusted gross margin 53.0% up 1.5bps Property/admin up £0.2m Mix driven by product. PLC costs up £0.1m (0.2) (2.4) 0.1 (0
Slide 19: Financial performance
Financial performance Cash flow and working capital Principally investment in demo equipment (£0.5m) Receivables inflow of £2.1m supporting growth. Payables outflow of £0.7m Inventory neutral (0.6) (0.1) (0.2) 4.1 0.0 0.0 3.1 2.8 0.4 (2.5) 1.3 FY23 Adjusted Net Tax Proceeds Capex Lease Purchase Net
Slide 20: Colin Evans, Chief Executive, Thruvision Plc
Colin Evans Chief Executive Thruvision Plc 121 Olympic Avenue Milton Park Abingdon Oxon, OX14 4SA t: +44 (0) 1235 425400