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Thruvision experiences 'weak' H2 in customs and aviation units
1st Apr 2021 10:08
(Sharecast News) - X-ray manufacturer Thruvision experienced a "weak" second half in both its customs and aviation sub-sectors due to the Covid-19 pandemic.
However, while Thruvision said on Thursday that the pandemic had adversely impacted revenues, its profit protection sub-sector "performed strongly" and continued to strengthen throughout 2020.
As a result, the AIM-listed group expects full-year revenues to be around £6.7m, down from £8.0m a year earlier, with a "consequential impact" on profitability.
Thruvision added that it had continued to manage costs proactively, partly due to reduced travel, and consequently cash was £7.3m on 31 March, up from £5.0m at the time of its interim report card in late September.
"As lock-down restrictions ease, particularly in the UK and US, and with a number of major new name customers in profit protection, we are well positioned to benefit from the rapid growth in this market where the effectiveness of our 'hands off' security screening is rapidly gaining traction with online retailers and their logistics partners," said Thruvision.
The group added that it also expects to benefit from the aviation sector's recovery and to see a resumption of orders in customs over the next 12 months.
As of 1005 BST, Thruvision shares were down 6.38% at 22.0p.
However, while Thruvision said on Thursday that the pandemic had adversely impacted revenues, its profit protection sub-sector "performed strongly" and continued to strengthen throughout 2020.
As a result, the AIM-listed group expects full-year revenues to be around £6.7m, down from £8.0m a year earlier, with a "consequential impact" on profitability.
Thruvision added that it had continued to manage costs proactively, partly due to reduced travel, and consequently cash was £7.3m on 31 March, up from £5.0m at the time of its interim report card in late September.
"As lock-down restrictions ease, particularly in the UK and US, and with a number of major new name customers in profit protection, we are well positioned to benefit from the rapid growth in this market where the effectiveness of our 'hands off' security screening is rapidly gaining traction with online retailers and their logistics partners," said Thruvision.
The group added that it also expects to benefit from the aviation sector's recovery and to see a resumption of orders in customs over the next 12 months.
As of 1005 BST, Thruvision shares were down 6.38% at 22.0p.