Thruvision Group Plc (LSE:THRU) shares tumbled as it warned sales will miss forecasts while the walk-through security equipment group’s chief executive is also stepping down.
Colin Evans, who has been the group’s head for seven years, wants to focus on his non-executive directorships, said the statement.
Revenue at the AIM-listed group will be £1.9 million in the half year to end of September, against £3.5 million a year ago, while the order pipeline has reduced to £300,000 from £1 million.
Retail business is holding up well with John Lewis a new customer, said the statement, but there were no customs contracts though it did receive a first US order for aviation worker screening.
“Full-year revenue will be dependent upon the timing of significant contract awards, which is unpredictable,” the statement added.
“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 million (2024: £7.8 million).”
Cash at the end of the half-year was £1.8 million.
Shares fell 19% or 3p to 13p.