Thruvision H1 sales seen missing guidance, CEO to depart

14th Oct 2024 10:20

(Sharecast News) - Security technology firm Thruvision warned on Monday that H1 sales would fall short of guidance and revealed that chief executive Colin Evans would be leaving the group in order to "further his non-executive directorship portfolio".

Thruvision said interim revenues had almost halved from £3.5m in H124 to £1.9m in H125, principally due to the absence of "any material Customs orders", and said its current H2 order backlog was £300,000, down from £1.0m at the same time a year earlier.

The AIM-listed group also highlighted that its sales pipeline contained "significant tenders", some of which were expected to contribute to H2 revenues.

"Full-year revenue will be dependent upon the timing of significant contract awards, which is unpredictable. However, inventory lead times mean that there is likely to be a modest slippage of revenue into the next financial year, such that the board now expects revenue for the full year ending 31 March 2025 to be approximately £9.0m (FY24: £7.8 million)," said Thruvision.

As for Evans, the CEO has informed the board of his desire to leave the group and will part ways with Thruvision at the end of October, with Tom Black to take up the role of executive chairman until a permanent replacement can be appointed.

As of 1030 BST, Thruvision shares had sunk 25.00% to 12.0p.

Reporting by Iain Gilbert at Sharecast.com