Thruvision appoints chief financial officer as new CEO after share price crash
Security technology company Thruvision has appointed chief financial officer Victoria Balchin as its new boss after the departure of the previous incumbent contributed to a crash in share prices.
Colin Evans’ departure in October was accompanied by warnings that revenues were likely to fall to £1.9m for the six months to September 30, from £3.5m 12 months earlier, sending Thurvision shares to their lowest level in would decline for six years.
AIM-listed Thuvision said its board had unanimously supported the appointment of Balchin, who joined the company in October 2022, and had chosen to avoid a search for Evans’ replacement.
The group, which emerged from the government’s Rutherford Appleton Labs in 2002, develops and sells security technology that can detect hidden objects in people.
Thruvision cameras use ‘Passive Terahertz Technology’ to detect differences in body heat, allowing them to see objects hidden under clothing.
The company’s shares are down more than 60 percent in 2024 as sales have suffered from a lack of material orders within its lucrative customs business.
Thruvision cameras use ‘Passive Terahertz Technology’ to detect differences in body heat, allowing them to see objects hidden under clothing.
Thruvision said Balchin, who will also remain chief financial officer “for the foreseeable future,” has been “instrumental in ensuring that the business continues to be managed very effectively as Thruvision returns to growth in the second half of the financial year. ‘.
Executive chairman Tom Black, who Thruvision said would remain “heavily involved in the day-to-day business,” added: “Having worked with Balchin for two years now and working particularly closely over the past three months, I am confident that she is the right person to lead the Thruvision team as we enter a pivotal phase in our journey to profitability.”
Thuvision shares rose 2.5 percent to 8.2p in early trade.
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