**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 £2.6 million compared to £1.9 million in H1 2025.
Entrance Security revenue surged to £1.6 million (H1 2025: £0.2 million), driven by a significant order in Asia.
Retail Distribution revenue declined to £1.0 million (H1 2025: £1.6 million) due to weaker UK market conditions.
No Customs revenue (H1 2025£0.1 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 £1.6 million (H1 2025: £2.1 million).
**Cash Position** Cash balance increased to £2.1 million at 30 September 2025 (31 March 2025: £0.4 million) following a £2.75 million equity fundraise in July 2025. Cash at 24 November 2025 was £1.65 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 £5 million and £7 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 £6 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 (£5 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.