Thruvision Group plc (LON:THRU) is to return £8mln to shareholders through a tender offer and share buy-back following the disposal of its video business.
Thruvision used to be known as Digital Barriers but changed its name when it sold the video business for £27.5mln last October.
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Shorn of video, the business is now focused on people screening and security at airports and other mass transit stations.
A record number of its people-screening units have been shipped in the current financial year to date, with Thruvision claiming its technology is now able to spot concealed threats at distances up to 8m.
Demonstrations have been undertaken in the US at Penn Station, New York, and with LA Metro in Los Angeles.
“We are in the process of initiating production of this new product with our US-based partner in anticipation of TSA's final product approval over the summer.”
Thruvision added the technology does not generate anatomical details of the person being screened, so is not personally intrusive, and handled more than 2,000 people per hour in recent operational trials.
Four markets are being targeted: Mass Transit - screening for suicide vests and other threats in railways, subways and airport concourses; entrance ways - screening for all types of weapon at entrances to buildings, sports stadia and other public venues; Loss prevention - screening for items stolen from warehouses or factories and Customs - screening for prohibited items at borders.
Orders have come in recently from the Philippines for mass transit screening, China and Saudi Arabia for entrance screening and in the UK for several customers for loss prevention equipment.
Shareholders first have to approve the reduction of the share premium account, after which the capital repayment can proceed.