Body scan security firm Thruvision is set to miss sales guidance after US government budget challenges meant it did not receive an expected order from US border forces.
Shares in the company, which is listed on London’s junior Aim index, dropped as much as 20% at the start of trading as a result.
Thruvision said it will see a “material impact” to its financial performance over the second half of the year, and full-year results as a whole, after it was not awarded an order from US Customs and Border Protection (CBP).
Colin Evans, chief executive of the company, which makes walk-through security technology, said it was “frustrating” not to receive the order “because of US federal budgetary challenges”.
He added: “CBP continues to operate a significant fleet of our units very successfully across many ports of entry into the US and we continue to support these deployments.
“We fully expect further significant CBP orders when clearer priorities for border control investment are established by the US Government.
“Despite this single disappointment, we are seeing increasing traction internationally and we secured six new customers in the first half across our markets.”
It came as the company revealed that revenue grew by around 27% to approximately £3.5 million for the half-year to September 30.
Thruvision, which has offices near Oxford and in Washington DC, added that it has a backlog of £1 million of orders which are due to be delivered early in the third quarter.
It said its customs operation saw a 16% rise in revenues as it benefited from a new Asian customer.
Mr Evans said: “We expect, therefore, that the second half will demonstrate good revenue growth over the first and will be based on a more diversified range of customers.”