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Thruvision Group reduces losses after sales boost
25th Nov 2019 09:26
(Sharecast News) - Thruvision Group on Monday reported a narrowed interim loss as an influx of high performance orders boosted revenue.
The screening technology provider recorded a loss before tax of £0.4m for the six months ended 30 September, compared with a loss of £0.8m during the same period last year, as revenue jumped 53% to £4.8m.
The increase in turnover was driven by the delivery of 64 units, four higher than in the comparable period, and a greater proportion of high performance orders.
Gross margin rose to 48% from 39% and average revenue per unit was up 40% to £73,000.
The first half of the year saw the AIM-traded company secure orders from US Customs and Border Protection and Los Angeles International Airport, as well as an important follow-on order from the US State Department's Bureau of International Narcotics and Law Enforcement.
Chief executive Colin Evans said: "We are pleased to report good commercial momentum in the first half of this year. We continued to win new customer orders, especially in the US, demonstrating growing awareness of our technology and its competitive advantages in providing fast and effective security screening of people.
"With continued demand from existing customers and further strengthening of our brand internationally, we remain confident about the company's prospects for the future."
Thruvision Group shares were down 4.08% at 28.20p at 1059 GMT.
The screening technology provider recorded a loss before tax of £0.4m for the six months ended 30 September, compared with a loss of £0.8m during the same period last year, as revenue jumped 53% to £4.8m.
The increase in turnover was driven by the delivery of 64 units, four higher than in the comparable period, and a greater proportion of high performance orders.
Gross margin rose to 48% from 39% and average revenue per unit was up 40% to £73,000.
The first half of the year saw the AIM-traded company secure orders from US Customs and Border Protection and Los Angeles International Airport, as well as an important follow-on order from the US State Department's Bureau of International Narcotics and Law Enforcement.
Chief executive Colin Evans said: "We are pleased to report good commercial momentum in the first half of this year. We continued to win new customer orders, especially in the US, demonstrating growing awareness of our technology and its competitive advantages in providing fast and effective security screening of people.
"With continued demand from existing customers and further strengthening of our brand internationally, we remain confident about the company's prospects for the future."
Thruvision Group shares were down 4.08% at 28.20p at 1059 GMT.