Thruvision says contract with US Customs exceeds order expectations

(Alliance News) - Thruvision Group PLC on Monday said it has won a purchasing framework contract ...

Alliance News 3 October, 2022 | 1:45PM
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(Alliance News) - Thruvision Group PLC on Monday said it has won a purchasing framework contract with US Customs and Border Protection.

Thruvision shares were trading 10% higher at 24.45 pence each in London on Monday afternoon.

Thruvision is an Oxford, England-based company which provides safe distance, people security screening technology that can detect threats such as weapons, explosives and contraband items hidden under clothing.

The framework agreement has been awarded to Thruvision for an initial 12-month term, with options for CBP to extend it until 2026. It provides CBP with a simple procurement route to buy additional Thruvision technology.

This technology will allow CBP to conduct "passive pedestrian scanning" for concealed narcotics, cash and other prohibited items at a number of US ports of entry, including land border crossings, airports and seaports.

As part of the agreement, CBP has placed an initial order for USD7.0 million of additional Thruvision high-definition cameras and accessories. This brings the total orders from CBP in the US government's financial year ending September 30 to USD14.0 million.

Thruvision said the order size was ahead of its expectations for the 2023 financial year.

Chief Executive Colin Evans added: "CBP's adoption of our latest technology reinforces Thruvision's international standing as a first-choice provider of security solutions which offer excellent contraband detection performance whilst eliminating the need for physically 'patting-down' individuals."

By Holly Beveridge; hollybeveridge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Security Name Price Change (%) Morningstar
Rating
Thruvision Group PLC 18.23 GBX 1.25 -

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