Thruvision reports sharp fall in revenue, wider losses

(Sharecast News) - Thruvision reported a sharp fall in annual revenue and wider losses in its final results on Friday, but said it had entered the new financial year with a stronger sales pipeline and expects significant revenue growth ahead. The AIM-traded security technology group posted revenue of £4.2m for the year ended 31 March, down from £7.8m a year earlier, which it said reflected the absence of material orders compared with £3.4m in the prior period, partially offset by growth in retail distribution core sales.

Adjusted gross margins fell to 44.9% from 53.0%, while statutory gross margin dropped to 31.0% from 45.1%.

Thruvision recorded an adjusted EBITDA loss of £3.8m, widening from £2.5m, while its operating loss increased to £4.7m from £3.0m.

The company had £0.4m in cash at the end of March, down from £4.1m a year earlier, and had since raised £2.75m through an equity placing in July, following a £1.4m raise in November last year.

"The significant reduction in revenue in the past financial year was a great disappointment," said executive chairman Tom Black.

"Although the sales pipeline contained numerous larger opportunities these were not brought to a successful conclusion in the period, a situation that we have addressed by making significant changes to our sales organisation and approach.

"The 2026 financial year has started well and revenue at this point is well ahead of last year."

Black said sales activity was also high, although conversion of sales leads to revenue had slowed over the summer months.

"The increased focus on border security globally is being reflected in our pipeline, including renewed dialogue with US Customs and Border Protection.

"Retail distribution is also very active and we have a number of exciting opportunities here too.

"As a result, the Board believes it remains on track to achieve significant revenue growth this year."

At 1342 BST, shares in Thruvision Group were down 18.24% at 1.39p.

Reporting by Josh White for Sharecast.com.