Thruvision Group - order backlog doubles to £2.6m on multiple contract wins
Walk-through security technology company Thruvision Group (AIM: THRU) has maintained its recent run of good news by announcing a solid trading update covering the six months to 30th September 2026.
The business
Thruvision’s technology, which it develops, manufactures and supplies, is deployed in more than 30 countries around the world by government and commercial organisations in a range of security situations where large numbers of people need to be screened quickly, safely and efficiently. The firm’s patented technology is capable of detecting concealed metallic and non-metallic objects in real time using an advanced AI-based detection algorithm.
Last year, Thruvision concluded a strategic review, under which it considered the possibility of selling off both of its trading subsidiaries (among several other options). However, following a change in senior management, much improved trading, material sales opportunities, and a £2.75 million fundraise, it carried on trading.
Get our research notes free, the day they're published
In-depth coverage of UK small caps and junior miners. Email only, unsubscribe any time.
Trading update
In the first half, Thruvision earned revenue of £2.6 million, flat on H1 last year and in line with expectations. Full year revenue expectations remain unchanged at £8.0 million. Cash as of 9th October 2026 was said to be £1.6 million, down from £2 million as at 31st March.
More positively, the order backlog has increased significantly, standing at £2.6 million at the period end, up from £1.3 million six months previously and just £0.2 million at the same stage last year. The firm flagged that this provided good revenue visibility for the second half of FY2027 during which the backlog is expected to be delivered.
Multiple contract wins
Thruvision secured a number of strategically important contract wins during the first half. These included:
(i) two further Retail Distribution orders in Europe through its major retail distribution partner;
(ii) a contract expected to generate more than £3 million of revenue from the deployment of Thruvision systems across multiple major airports in South-East Asia, with delivery expected during the second half of FY2027;
(iii) its first Canadian Government customer; and
(iv) further orders from Retail Distribution customers across the UK, Europe and the US and from a new Government customer in Europe.
All markets are said to have experienced good order traction during the period, with particularly encouraging progress through the strategic partner network, which contributed almost 60% of H1 revenue. Revenue from partners was generated across multiple regions and markets, demonstrating the increasing reach of the Thruvision technology and the potential for partners to accelerate customer engagement and market penetration.
Thruvision also continued to expand its routes to market during the period, adding RedteQ and Bavak Security Group to its Value-Added Reseller network. RedteQ covers the United Kingdom, while Bavak provides services in Belgium, the Netherlands and Luxembourg, increasing reach in the Government, Critical Infrastructure, Entrance and Customs markets.
The company added that it has a strong pipeline of sales opportunities reflecting its increased sales and marketing activities to support lead generation, as well as the continued development of relationships with new and existing partners. The hiring of three new sales managers in the USA and UK at the start of the period is said to already be contributing to increased sales activity and pipeline development.
Thruvision highlighted that public space protection is proving particularly attractive, with increasing customer interest in enhanced security for high-footfall public environments such as transport hubs. This represents an important opportunity alongside its established markets and applications.
Thruvision shareprice performance year to date
Comment
Shares in Thruvision hit an 18-month high of near 3p last month but following a pull-back currently trade at 2p. The company is now capitalised at £9 million, with the cash position announced today covering 18% of that. The cash position comes following last year’s £2.75 million equity fundraising.
Alongside that fundraise, the firm said that the net proceeds would be used for general working capital and to invest in sales, marketing and product development to drive revenue growth. It also said that the net proceeds will enable it to achieve cash flow break-even during FY2027 on the basis of achieving c.£10 million of revenue for the year. With today’s update confirming £8 million of revenue it looks like break-even might have to wait until the next financial year. Overall, good progress looks to be being made, but reaching cash flow break-even will be critical for the firm.
Sign up to receive our full investment research notes on small cap growth companies as soon as they are published.
Disclosures
Thruvision is not a corporate client of Optimo Research Ltd.
Disclaimers
This article, and all articles on the Optimo Research blog, are for information purposes only. Our blog articles do not constitute an investment recommendation or personal advice. Nothing in our blog articles should be construed as an offer or the solicitation of an offer to buy or sell securities by us and, as we have no knowledge of your individual situation and circumstances, you should not make any investment decision without consulting a fully qualified financial adviser. Your capital is at risk by investing in the financial instruments issued by the companies discussed. For full disclosures, disclaimers and risk warnings click here.