(Alliance News) - Thruvision Group PLC on Monday said it did not receive an anticipated order from US Customs & Border Protection in September, citing US Federal Government and Department budget challenges.
The Abingdon, England-based people-screening technology firm noted that "without the CBP order there will be a material impact on the group's performance in the second half and for the current financial year as a whole."
Meanwhile, the company said that in the six months to September 30, revenue grew 27% annually to GBP3.5 million from GBP2.8 million. Customs market revenue climbed 16%, boosted "by a major contract win with a new Asian customer." Thruvision also noted renewed demand from the international Entrance security market which it expects to continue.
Referring to the missed contract with US Customs & Border Protection, Chief Executive Colin Evans said: "Despite this single disappointment, we are seeing increasing traction internationally and we secured six new customers in the first half across our markets. We are confident that interest levels in our unique solutions, particularly WalkTHRU, which has the ability to screen 100% of people for all types of concealed items at walking pace, remain strong."
Thruvision shares fell 17% to 24.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Thruvision Grp (THRU)