Thruvision jumps on new Asia deal, cash runway now end-2025
Thruvision Group PLC on Wednesday said it has secured a material contract from a new government customer in Asia, helping to more than double its first-quarter order intake and extend its cash runway until the end of 2025.
Shares in Thruvision were up 78% to 1.60 pence each in London on Wednesday afternoon.
The Abingdon, England-based provider of walkthrough people-screening technology said the new order, valued at more than £1 million, is for 20 of its highest-specification systems and is scheduled to be delivered in the coming weeks.
Thruvision said the deal followed a successful deployment at a major cultural event in Asia and was secured in partnership with a regional distributor.
The contract helped lift order intake for the first quarter ended June 30 to £2.3 million, more than doubling year-on-year and in line with board expectations. The company highlighted a healthy pipeline of further ‘material opportunities’ across Asia and other regions and said it expects these to convert into revenue during this financial year and next.
In the UK, Thruvision secured its first contract to supply a unit to a prison service, building on ‘ongoing success’ with an unnamed European corrections customer. Its US business also performed well, with repeat orders from retail distribution clients.
Following the strong trading update, the board now expects the company’s cash resources to last until the end of 2025, extending its previous forecast of September. This, however, remains subject to ongoing trading performance and the conversion of expected pipeline deals.
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