**Summary of Thruvision Group PLC Final Results for the Year Ended 31 March 2025**
**Overview**
Thruvision Group PLC, a leading provider of walk-through security technology, reported its financial results for the year ended 31 March 2025. The company faced significant challenges, including a substantial revenue decline, adjusted gross margin compression, and an adjusted EBITDA loss. Despite these setbacks, the company completed equity fundraising, launched a strategic review, and made changes to its board and leadership.
**Key Financial Highlights**
**Revenue** £4.2 million, down from £7.8 million in 2024, primarily due to a lack of Material orders.
**Adjusted Gross Margin** Declined by 8.1 percentage points to 44.9%.
**Adjusted EBITDA Loss** £3.8 million, compared to a loss of £2.5 million in 2024.
**Cash Balance** £0.4 million as of 31 March 2025, down from £4.1 million in 2024.
**Equity Fundraising** Completed £1.4 million in November 2024 and £2.75 million in July 2025.
**Operational and Strategic Developments**
**Strategic Review** Launched in January 2025 and concluded in July 2025, resulting in a decision to remain independent.
**Leadership Changes** Colin Evans stepped down as CEO in October 2024, with Victoria Balchin appointed as CEO and CFO in January 2025. Tom Black became Executive Chairman in October 2024.
**Product Launch** Introduced the 81 Series product, which received positive feedback and is expected to drive increased sales.
**Cost Reduction** Initiated the "Box Clever" project to reduce manufacturing costs and improve profitability.
**Market Performance**
**Retail Distribution** Strong growth, with revenue up 52% to £2.9 million, driven by new customer acquisitions and repeat business.
**Customs** Revenue declined significantly to £0.3 million due to reduced orders from key customers like US Customs and Border Protection.
**Aviation** Revenue increased to £0.1 million, supported by TSA mandates and operational testing at San Diego International Airport.
**Entrance Security** Revenue decreased to £0.8 million, with notable contributions from high-profile events like the O2 London concert.
**Outlook**
**FY26** Started well, with revenue ahead of the previous year. The company expects significant revenue growth, driven by increased focus on border security and active Retail Distribution opportunities.
**Pipeline** Strong sales pipeline, including renewed dialogue with US Customs and Border Protection and exciting Retail Distribution opportunities.
**Challenges** Conversion of sales leads to revenue has slowed, and geopolitical uncertainties remain a risk.
**Conclusion**
Thruvision Group PLC faced a challenging year with significant revenue decline and financial losses. However, strategic initiatives, leadership changes, and a focus on key markets position the company for potential recovery and growth in FY26. The company remains committed to innovation, cost reduction, and expanding its market presence to achieve sustained profitability.