Thruvision FY26 revenue jumps 45% to £6.0 million: what the trading update says
Thruvision Group plc (AIM: THRU) has reported a sharp return to growth for the year ended 31 March 2026, with revenue up 45% to approximately £6.0 million (FY25: £4.2 million). That lands squarely within the Board’s previously signposted range of £5–7 million from November 2025.
The Company highlights strong order intake of £7.1 million for the year and a closing order backlog of £1.3 million that is expected to deliver mostly in H1 FY27. Cash at year end was £2.0 million (31 March 2025: £0.4 million), aided by a £2.6 million fundraise after costs in July 2025.
CEO Victoria Balchin summed it up: “It’s very pleasing to see a return to revenue growth as the steps we have taken to improve both our direct sales force and our partnerships start to take effect… Our challenge is now one of investing in our sales and marketing capability and this is the central focus of the team as we start our new year.”
Key FY26 numbers at a glance
| Metric | FY26 | FY25 / Notes |
|---|---|---|
| Revenue | ~£6.0 million | £4.2 million |
| Year-on-year growth | +45% | – |
| Order intake | £7.1 million | – |
| Order backlog (31 Mar 2026) | £1.3 million | Delivery mostly in H1 FY27 |
| Cash balance (31 Mar 2026) | £2.0 million | £0.4 million |
| Fundraise | £2.6 million (after costs) | Completed July 2025 |
Order intake, backlog and revenue timing: quick explainer
Order intake is the value of new customer orders signed in the period. Order backlog is the value of signed orders not yet delivered at the period end. Thruvision booked £7.1 million of orders in FY26 and ended with a £1.3 million backlog, which should convert mostly in the first half of FY27.
The pattern suggests an improving pipeline with momentum carrying into the new financial year. It also means revenue phasing matters: a leaner H2 FY26 likely set up a busier H1 FY27 as deliveries roll off the backlog.
Regional performance: Asia leads, aviation helps, retail drags
Growth was underpinned by Asia, where two material orders totalling £2.7 million formed the bulk of regional revenue. Thruvision’s strategy here relies on a small number of strong regional partners, and management plans to deepen those relationships.
In the UK and Europe, results were weaker than last year. The Prisons market performed strongly, but the core Retail Distribution segment declined, reflecting tougher economic conditions and the need to rebuild direct sales capability and partnerships in the region.
In the US, performance grew modestly, supported by Aviation. However, Retail Distribution was weaker than expected. The Company is investing in its direct sales force, with management expecting a significant improvement in FY27.
Product momentum: 81 Series gets a warm reception
Management highlights enthusiastic market reception for the new 81 Series product. Thruvision’s walk-through security technology is designed to screen large numbers of people quickly and safely, detecting concealed metallic and non-metallic objects in real time using an AI-based detection algorithm.
The product story matters because hardware-led security sales often hinge on clear performance advantages and customer trials. Positive feedback on the 81 Series, paired with stronger channel execution, can translate into firmer conversion from trials to orders.
Why this update matters for investors
- Back to growth: A 45% revenue increase to approximately £6.0 million shows the commercial reset is gaining traction and aligns with prior guidance (£5–7 million).
- Pipeline health: £7.1 million of order intake and a £1.3 million backlog (mostly delivering in H1 FY27) point to near-term revenue visibility.
- Cash position stabilised: Year-end cash of £2.0 million reflects the July 2025 £2.6 million raise and provides working capital for delivery and sales investment.
- Geographic mix: Asia is doing the heavy lifting via partner-led deals, while US Aviation helps offset Retail Distribution softness.
- Execution focus: Rebuilding direct sales in the US and Europe is the central challenge and opportunity for FY27.
The good, the bad, and what I’m watching next
Positives
- Delivery on guidance builds credibility after a tougher FY25.
- Order intake outstripping FY26 revenue implies forward momentum.
- Clear product narrative with the 81 Series and a broadening use case set across Prisons, Aviation and Retail Distribution.
Watch-outs
- Retail Distribution weakness in both the UK/Europe and the US highlights sensitivity to macro conditions and sales execution.
- Backlog concentration risk: Asia accounted for two material orders totalling £2.7 million. Sustaining that level requires ongoing partner performance.
- Cash is improved but still modest at £2.0 million; timely conversion of the £1.3 million backlog in H1 FY27 is important.
What could move the needle in FY27
- Backlog delivery: The Company expects most of the £1.3 million backlog to land in H1 FY27. Smooth delivery is key for cash and confidence.
- US Retail Distribution recovery: Management is investing in its direct sales force and expects a significant improvement in FY27. Evidence of wins here would diversify growth away from Asia and Aviation.
- Further Asia orders: Strengthening a small set of regional partnerships can drive repeat orders, but investors should watch for breadth beyond one-off larger deals.
- European rebuild: Reconstructing direct sales and partnerships in the UK and Europe could re-energise the core Retail Distribution market alongside ongoing strength in Prisons.
- Product adoption: Continued positive feedback and deployments of the 81 Series would validate the technology and support higher conversion rates.
My take: a constructive step, with execution still in focus
This is a tidy trading update. Revenue growth of 45% to approximately £6.0 million, solid order intake at £7.1 million, and a £1.3 million backlog set the stage for a stronger start to FY27. Asia’s contribution shows the partnership model can work at scale, and Aviation in the US provides a useful counterbalance.
The flip side is Retail Distribution softness and the reliance on a few larger orders. The Company is addressing both through investment in direct sales and tighter channel management. If those efforts convert into broader wins – particularly in the US and Europe – FY27 could look meaningfully better.
Bottom line: a welcome return to growth, clear near-term delivery visibility, and credible self-help on sales execution. Now it’s about turning pipeline and product enthusiasm for the 81 Series into wider, repeatable revenue across all regions.
