Thruvision Group (LSE:THRU) shares plummeted amid Tuesday's profit warning, in which it revealed first-half revenue of £2.6 million and said its growth came from smaller orders in the US retail market, plus a large entrance-security award in South-East Asia.
The maker of security scanners added that UK retail demand remained subdued and continued to weaken into the second half.
It reported a loss (adjusted EBITDA) of £1.6 million, which had narrowed thanks to overhead control. Following a £2.75 million raise in July, cash at period end stood at £2.1 million.
Thruvision said it expected full-year revenue of £5 million to £7 million is below earlier market expectations.
The company highlighted progress in its targeted markets and said its pipeline includes more than £6 million of core opportunities, mainly in the US. It also noted ongoing engagement with US Customs and Border Protection and a developing opportunity in Asia relating to a mass transit security tender. Management reiterated that performance at the lower end of guidance would allow operations to continue without additional funding.
In London, Thruvision shares were down 31.5% changing hands at 0.56p.