Profit Protection performing strongly
Thruvision has issued a trading update for the year ending 31 March 2021 highlighting a significant strengthening of its Profit Protection business in the second half of the year, in contrast to a not unexpected, short-term weakness in both Customs and Aviation sub-sectors due to the COVID‑19 pandemic. Reflecting these market dynamics, the company expects FY21 revenues to be around £6.7m, compared with £8.0m in FY20. Costs continue to be proactively managed and Thruvision retains a strong balance sheet, with £7.3m cash at year end. Management sees momentum rebuilding in the Customs and Aviation sub-sectors during FY22 and expects to continue to benefit from the strong growth of the Profit Protection business, where Thruvision’s ‘hands-off’ security screening is rapidly gaining traction.