Thruvision Group PLC on Friday said its annual loss narrowed significantly and its revenue rose to a record level.

In a trading update for the financial year that ended March 31, the Abingdon, England-based people-screening technology firm said adjusted loss before interest, tax, depreciation and amortisation will be around £200,000, narrowing from £1.7 million a year earlier.

It also expects to report that revenue rose by around 48% to a record £12.4 million from £8.4 million.

It said two awards via a framework purchasing agreement with US Customs & Border Protection were a ‘key strategic milestone’, noting in the second half it successfully delivered all the upgraded and new high-performance systems that had been ordered.

Over half of these have already been deployed by CBP, with ‘further significant operational success’, Thruvision said.

The CBP deal in the US was agreed in September.

‘Once this deployment process is complete, CBP will be using well over 100 of our latest systems to screen migrants and travellers for contraband at a range of land border crossings, international airports and cruise liner terminals,’ Thruvision said in a statement.

Thruvision said it expects further orders under the multi-year CBP framework purchasing agreement. noting that CBP normally places new orders during the ‘latter part of the US government fiscal year’, which ends on September 30.

Chief Executive Colin Evans said: ‘We are building out our leading position as a mainstream provider of walk-through security technology and increasing our market share in a number of growing and established markets. Our focus on two of these markets, international Customs Agencies and Retail Distribution, allowed us to deliver a resilient performance, despite the challenging economic backdrop.

‘With a framework purchasing agreement in place with US Customs & Border Protection, and our retail customers reporting a rapid return on investment after purchasing our technology, we remain confident that these markets will deliver long-term profitable growth.’

Thruvision’s cash balance on March 31 was £2.8 million, falling 48% from £5.4 million a year earlier, which it said reflected the post year-end timing of payments for orders delivered in February and March.

Shares in Thruvision were up 2.3% to 25.06 pence each in London on Friday morning.

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