**Summary of Thruvision Group PLCs Interim Results and Trading Update (H1 2026):**
Thruvision Group PLC, a leading provider of walk-through security technology, reported its unaudited interim results for the six months ended 30 September 2025 (H1 2026) and provided a trading update. Key highlights include
### **Financial Performance**
**Revenue Growth** Revenue increased by 36% to ยฃ2.6 million compared to ยฃ1.9 million in H1 2025.
Entrance Security revenue surged to ยฃ1.6 million (H1 2025: ยฃ0.2 million), driven by a significant order in Asia.
Retail Distribution revenue declined to ยฃ1.0 million (H1 2025: ยฃ1.6 million) due to weaker UK market conditions.
No Customs revenue (H1 2025ยฃ0.1 million).
**Gross Margin** Adjusted gross margin fell to 27.9% (H1 2025: 50.4%) due to discounting of legacy products to reduce inventory. Statutory gross margin dropped to 17.4% (H1 2025: 34.0%).
**EBITDA Loss** Adjusted EBITDA loss improved to ยฃ1.6 million (H1 2025: ยฃ2.1 million).
**Cash Position** Cash balance increased to ยฃ2.1 million at 30 September 2025 (31 March 2025: ยฃ0.4 million) following a ยฃ2.75 million equity fundraise in July 2025. Cash at 24 November 2025 was ยฃ1.65 million.
### **Strategic Initiatives**
**Product Re-engineering** The "Box Clever" project aims to reduce product build costs, enabling lower pricing or margin expansion by early FY27.
**Subscription Model** Introduced "Screening as a Service" in the UK to address capital budget constraints in the Retail sector.
**Technology Enhancements** Launching an automatic alerting feature (DDAlert) for improved detection consistency and operator efficiency.
### **Market Outlook**
**Full-Year Revenue Guidance** Revenue for FY2026 is now expected to be between ยฃ5 million and ยฃ7 million, <mark style="background-color:yellow">below</mark> previous market expectations, due to continued weakness in the UK Retail Distribution market.
**Pipeline Opportunities** A gross pipeline of Core opportunities exceeds ยฃ6 million, primarily in the US Retail Distribution and airport worker screening markets. Material opportunities, including a significant US Customs and Border Protection contract, remain in the pipeline.
### **Operational Updates**
**Board Changes** Katrina Nurse stepped down as Non-Executive Director effective 31 December 2025.
**Geographic Focus** Sharpening focus on core markets (UK, US, and South-East Asia) and key segments (Retail Distribution, Customs, and Entrance Security).
### **Going Concern**
The company requires order intake in line with the lower end of its revised revenue range (ยฃ5 million) to avoid further funding needs. Management believes the pipeline will support this, but there is material uncertainty regarding the timing and conversion of opportunities.
### **Conclusion**
Thruvision Group PLC demonstrated resilience in H1 2026 with revenue growth driven by Entrance Security and strategic initiatives to address pricing pressures. However, challenges in the UK Retail Distribution market and uncertainty in order timing have led to revised full-year guidance. The company remains focused on cost control, product innovation, and market expansion to drive future growth.
Hereโs an HTML table comparing the financials and debt year-on-year for Thruvision Group PLC based on the provided text:
### Key Observations:
1. **Revenue Growth**: Revenue increased by 36% year-on-year, driven by higher Entrance Security revenue and growth in smaller orders, particularly in the US Retail Distribution market.
2. **Margin Compression**: Both adjusted and statutory gross margins declined significantly due to discounting of legacy products to reduce inventory levels.
3. **Loss Reduction**: Adjusted EBITDA and adjusted loss before tax improved by 24% and 20%, respectively, due to cost control measures.
4. **Cash Position**: Cash at the end of the period increased significantly to ยฃ2.1 million, primarily due to a ยฃ2.75 million equity fundraise in July 2025. This table provides a concise comparison of key financial metrics and debt-related figures for Thruvision Group PLC between H1 2026 and H1 2025.