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Thruvision PLC (THRU)

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WickedLester
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Thruvision PLC (THRU)

#389970

Postby WickedLester » February 25th, 2021, 2:26 pm

I bought a few shares in this little company as part of my blue sky investments.

https://thruvision.com/

I think it's an interesting company which was growing strongly until COVID badly affected some of their end markets. But hopefully once the pandemic is under control and international travel becomes the norm again they will resume their growth trajectory.

Thruvision make machines which can do no touch security scanning of people so their major end markets are Airports, Customs, large venues and warehouses and the like.

The market cap is about £35m at the current price so neither very large or very small for a company in its early stages of commercialisation.

Revenues have grown strongly from £3.1m in 2018, to £6m in 2019, to £8m in 2020. Revenues in the first half of this year were £4.7m and they broke even. For the full year they should show a small drop in revenues from 2020 but hopefully a reduced loss.

The balance sheet is very strong with NCA of £12m including a substantial net cash position which will hopefully be sufficient to see them through to profitability without any need for further fundraisings.

I am hopeful that the plateauing of revenues is temporary and caused by COVID and once the pandemic is under control the strong revenue growth will continue and operational gearing will push them into growing profits. It's not an especially pricey punt to take.

https://www.investegate.co.uk/thruvisio ... 00070916G/

Anyone have a view?

WickedLester
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Re: Thruvision PLC (THRU)

#400749

Postby WickedLester » April 1st, 2021, 9:15 am

THRU issued a trading update today and it's a bit worse than I was expecting but not too much.

https://www.investegate.co.uk/thruvisio ... 00072129U/

It's a bit of a mixed bag. Airports and customs revenue dropped off a cliff to near to zero whilst profit protection grew 40%. The balance sheet remains strong with over £7m in net cash and the cash burn was not too severe.

I tried to buy more this morning after the price dropped to 20p but couldn't get a quote for even a tiny amount.

I am still hopeful that once international travel recovers this company's strong growth will resume.

WickedLester
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Re: Thruvision PLC (THRU)

#427298

Postby WickedLester » July 13th, 2021, 10:04 am

THRU published their finals the other day and they are pretty much as expected with reduced revenue and an increased loss. The balance sheet remains very strong and on the outlook they say:

With differentiated products, a very competitive market position and a strong cash balance, we expect to return to growth this year and remain confident in our strategy, market drivers and long-term opportunities."

https://www.investegate.co.uk/thruvisio ... 00078310E/

I'm at around breakeven on my purchase but I am hopeful that the company can return to growth and the opportunity is quite large for them in a post pandemic world.

WickedLester
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Re: Thruvision PLC (THRU)

#460153

Postby WickedLester » November 22nd, 2021, 6:25 pm

Thru's interims are out today and they are not great but the outlook is a lot better.

https://www.investegate.co.uk/thruvisio ... 00070389T/

·Revenue for the six months ended 30 September 2021 was £2.0 million (H1 2021: £4.7 million).

·Trading since 30 September has strengthened significantly and confidence about H2 trading is strong.

·Profit Protection revenue grew by 50% to £1.0 million in the first half (H1 2021: £0.65 million) and a further £1.7 million of orders have since been received.

·Since the end of H1 we have received a major order from Tesco, the leading UK retailer, following its decision to deploy Thruvision at scale across its UK distribution network.

·Last year's large H1 sale to US Customs and Border Protection (CBP) was not repeated this year but strong engagement during H1 supports confidence of expected order-flow in H2.

·Transportation Security Administration (TSA) accreditation testing continued after the Covid-19 hiatus.

·The Group's EBITDA loss was £1.6 million (H1 2021: breakeven ) and gross margin of 49% (H1 2021: 48%)

·Cash balance at 30 September 2021 was £4.1 million (31 March 2021: £7.3 million), with cash at 19 November 2021 of £4.0 million.


On the outlook they say:

"We have seen steadily building momentum since the spring, with continued strong performance in our Profit Protection market in particular. We are delighted to add Tesco to our growing list of major users and are pleased with the increasing traction we are seeing with retailers in Europe and the US. We have been very active helping US Customs and Border Protection (CBP) respond to the rapid increase in immigration levels on the southern border and anticipate future orders as a result . We are increasingly confident that both Profit Protection and CBP can deliver strong growth over the short to medium term, and that we are well positioned to benefit from the ongoing recovery in the global aviation sector. As a result, we remain confident of achieving growth in full year revenue and an improvement in our cash position in H2."

My own Jury is still out on this one and whether I have bought a lemon or not. I take a lot of comfort in the quality of their clients and they were particularly badly hit by the pandemic so given the outlook I will continue to hold for now but won't be buying any more despite the fall in price.

WickedLester
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Re: Thruvision PLC (THRU)

#462485

Postby WickedLester » December 2nd, 2021, 1:26 am

There's been some reasonably substantial buying by the wife of one of the Directors.

https://www.investegate.co.uk/thruvisio ... 50440669U/
https://www.investegate.co.uk/thruvisio ... 36132300U/

I make that nearly £70k invested, hopefully it's a vote of confidence.

WickedLester
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Re: Thruvision PLC (THRU)

#468335

Postby WickedLester » December 24th, 2021, 9:51 am

A nice purchase by the Chairman of over £400k of stock. Now that is a vote of confidence. I am actually in profit on these today for probably the first time since I bought them. Long may it continue.

https://www.investegate.co.uk/thruvisio ... 00036954W/

WickedLester
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Re: Thruvision PLC (THRU)

#491577

Postby WickedLester » April 4th, 2022, 5:37 pm

There's an end of year trading statement out today and it looks very good.

https://www.msn.com/en-gb/money/other/m ... ailsignout

As expected, the second half of our financial year showed a significant improvement over the first, driven by a considerable increase in our Profit Protection revenues and further orderflow for US Customs and Border Protection (CBP). Full year revenue is expected to be around £8.4 million (FY21: £6.7 million) and our cash balance has increased since the half year to £5.5 million on 31 March 2022 (30 September 2021: £4.1 million; 31 March 2021: £7.3 million).

I make that £6.4m turnover in the second half which I think is a record. I also think that may have pushed them into profit for the second half. Cash has certainly gone up.

I like this little company, they have a blue chip client base and until the pandemic struck were growing nicely, now they seem to have returned to growth.

On the outlook they say:

Our markets have now substantially recovered from the negative effects of COVID, and we believe we are now firmly back on a growth trajectory. The pandemic has strengthened the need for contactless people security screening and this is most evident in Profit Protection where increasing traction in the US and Europe means we are very positive about the Group's prospects. With operational successes and front-line demand, we are also increasingly confident about significant growth with CBP. As a result of this positive momentum in our two main markets, we are confident of good growth in FY23 and beyond.

I'm now nicely in profit and happy to keep holding to see if their optimism is well founded.

WickedLester
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Re: Thruvision PLC (THRU)

#495445

Postby WickedLester » April 20th, 2022, 6:06 pm

Yet more reasonably substantial Director buying.

https://www.investegate.co.uk/thruvisio ... 00046670I/

I make that just over £42k invested, enough that it doesn't look merely like an attempt to boost confidence in the shares. I'm hopeful i've got this one right, but the next full year will be more telling.

WickedLester
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Re: Thruvision PLC (THRU)

#534435

Postby WickedLester » October 3rd, 2022, 12:54 pm

Is anyone interested in this little company? I still have a shareholding here.

Recently the final results were out and although they are still losing money they virtually broke even in the second half.

https://www.investegate.co.uk/thruvisio ... 00172613B/

The immediate outlook for Profit Protection appears to be a bit more uncertain due to the well publicised squeeze on incomes but Customs and Border Protection appears to be going great guns and there has recently been a couple of large orders from US CBP announced, one today.

https://www.investegate.co.uk/thruvisio ... 00053491A/

The Company has been awarded a further contract, totalling $2.7 million, to complete the process of upgrading US Customs and Border Protection's (CBP) existing fleet of Thruvision 8-channel units to the latest 16-channel variant, running Thruvision's AI detection algorithm. This latest contract, awarded via Thruvision's US Government contracting partner, is a follow-on order to the one received in the second half of FY22 and is in line with the Company's expectations for FY23.

Then today:

https://www.investegate.co.uk/thruvisio ... 00124511B/

At the same time, CBP has placed an initial order under the Framework Agreement for $7.0 million of additional Thruvision high-definition cameras and accessories, bringing the total orders from CBP in this US Government fiscal year (1 Oct 2021 to 30 September 2022) to $14.0 million. This order, which will be substantially delivered this financial year, further expands the CBP fleet of Thruvision equipment and is expected to extend operational deployments into major US international airports for the first time. The order size is ahead of the Company's expectations for FY23.

I'm hopeful, despite the challenges expected in Profit Protection, that the company can move substantially towards breakeven this year and from then on into growing profits.

It's only a small investment for me but with a solid balance sheet and growing revenues i'm happy to continue holding to see how it works out.


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