Thruvision has delivered 28% revenue growth for the H1 trading period (to 30 September 2023). Its diversified business model, with a broad customer base in a number of international markets, is helping to offset the lack of a US Customs and Border Protection (CBP) order in this US Government fiscal year, which we view as a timing issue. International government activity has increased, including initial orders from two new customs agencies, and a renewed focus on entrance security has generated a marked pick-up in revenue. Despite the difficult retail trading backdrop, Retail Distribution has delivered a resilient performance, continuing to add clients. We welcome the recent report by Retail Economics highlighting the scale of theft in the UK retail market (see our note). We see this as a significant driver of demand for the Thruvision product, which is gaining traction with a growing number of leading retailers and global 3PLs.