Thruvision Group plc
Visit Thruvision Group plc
Description
Thruvision has developed a range of exceptional cameras which rely on minute differences in body heat to betray the presence of something other than clothing on the individual. The technology is capable of detecting relatively small objects hidden deep under clothing and the company is starting to expand its product range. Thruvision is working in a number of markets – in addition to the relatively obvious roles in Mass Transit, Aviation and Event/Location Entrance protection, the group is seeing significant success in Customs screening and Loss Prevention.
Our view
Thruvision’s ultra-sensitive ‘body-heat’ cameras can detect hidden items (guns, drugs, money or stolen goods) without intrusive or time-consuming searches, and without revealing personal anatomical details. The products are gaining acceptance in a range of key markets, and the group’s financial performance is beginning to show the fruits of this labour.
Financial Summary
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue | 3.1 | 6.0 | 8.0 | ||
| Adj EBITDA | -1.8 | -1.6 | -0.8 | ||
| Fully Adj PBT | -2.9 | -1.7 | -1.2 | ||
| Fully Adj EPS (p) | -1.7 | -1.1 | -0.7 |
Profit & Loss
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue | 3.1 | 6.0 | 8.0 | ||
| Adj EBITDA | (1.8) | (1.6) | (0.8) | ||
| Adj EBIT | (2.2) | (1.7) | (1.2) | ||
| Reported PBT | (3.2) | (2.1) | (1.5) | ||
| Fully Adj PBT | (2.9) | (1.7) | (1.2) | ||
| NOPAT | (2.2) | (1.7) | (1.0) | ||
| Reported EPS (p) | (1.9) | (1.3) | (0.9) | ||
| Fully Adj EPS (p) | (1.7) | (1.1) | (0.7) | ||
| Dividend per share (p) | 0.0 | 0.0 | 0.0 |
Cash Flow & Balance Sheet
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Operating cash flow | (3.6) | (4.2) | (0.7) | ||
| Free Cash flow | (3.6) | (4.2) | (0.7) | ||
| FCF per share (p) | (2.2) | (2.7) | (0.5) | ||
| Acquisitions | 0.0 | 0.0 | 0.0 | ||
| Disposals | 0.0 | 0.0 | 0.0 | ||
| Shares issued | 0.0 | 0.0 | 0.0 | ||
| Net cash flow | (3.6) | (4.2) | (0.7) | ||
| Overdrafts / borrowings | 0.0 | 0.0 | 0.0 | ||
| Cash & equivalents | 17.6 | 9.4 | 8.4 | ||
| Net (Debt)/Cash | 17.6 | 9.4 | 8.4 |
Nav & Returns
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Net asset value | 19.5 | 14.1 | 13.4 | ||
| NAV/share (p) | 11.8 | 9.7 | 9.2 | ||
| Net Tangible Asset Value | 0.3 | 0.8 | 1.2 | ||
| NTAV/share (p) | 0.2 | 0.5 | 0.9 | ||
| Average equity | 9.7 | 16.8 | 13.7 | ||
| Post-tax ROE (%) | (17.8%) | (7.2%) | (5.0%) |
Metrics
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue growth | 92.7% | 33.8% | |||
| Adj EBITDA growth | (12.8%) | (51.4%) | |||
| Adj EBIT growth | (20.6%) | (30.8%) | |||
| Adj PBT growth | (40.1%) | (30.5%) | |||
| Adj EPS growth | (34.1%) | (39.7%) | |||
| Dividend growth | N/A | N/A | |||
| Adj EBIT margins | (29.0%) | (15.0%) |