14th Oct 2024 14:36
(Alliance News) - Thruvision Group PLC on Monday saw its shares fall as it expects a significant reduction in half-year revenue, but anticipates full-year revenue to be higher than a year ago.
The Abingdon, England-based people-screening technology provider said it anticipates revenue of GBP1.9 million in the six months that ended September 30, down 46% from GBP3.5 million a year ago.
The order backlog contracted to GBP300,000 from GBP1.0 million a year ago.
The company expects revenue of around GBP9 million for the current financial year ending March 31, up 15% from GBP7.8 million a year ago.
Thruvision shares fell 28% to 11.50 pence each on Monday afternoon in London.
Further, Thruvision said Chief Executive Officer Colin Evans will leave Thruvision at the end of the month as he aims to further his non-executive directorship portfolio.
The company added that Tom Black will take up the role of executive chair until a permanent replacement can be appointed.
"Looking forward, we have a healthy pipeline across all our markets, with particularly significant near-term opportunities in Entrance Security and Retail Distribution. We are also seeing growth in our sales pipeline resulting from our recently signed channel partnership with Sensormatic, in particular, adding many opportunities across Europe. We intend to sign additional major channel partners in the future," Thruvision said.
Executive Chair Tom Black said: "Much effort has been expended to enhance our sales capability in the past year, including new sales partnerships. We are encouraged by the quality of our pipeline, which contains a number of material opportunities, any one of which could be transformational. Converting these to revenue in a timely manner is our number one priority."
The company will release its interim results next week Thursday.
By Tom Budszus, Alliance News slot editor
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