LONDON (ShareCast) - HaloSource, the clean water and antimicrobial technology company, has revised its previously provided revenue guidance for the full 2011 year to a range of $12-13m.
The company had previously predicated its revenue to be within the range of $18-22m.
The reduction is due to fewer orders, which have not concluded as expected in the period after the second quarter.
The company said: "While we expect this to impact negatively our fourth quarter revenue, we envisage volume improvement in the first half of 2012, in anticipation of next year's pool season."
Around 16,000 of the HaloPure-powered Waterbird products have been shipped in the year-to-date, and the firm said it expects to ship multi-thousand units per month over the balance of the year.
Whilst this level is below the company's earlier forecasts, it was keen to emphasise that it is working with its partner, Bajaj, on product enhancements and new packaging to accelerate growth and be ready for the 2012 key selling monsoon season.
In separate news, the firm announced the resignation of its chief executive John Kaestle, who will be replaced by current executive deputy chairman Martin Coles, with immediate effect.
Jerry Wetherbee, board chairman of HaloSource, said: "Coles is a seasoned business professional with extensive corporate knowledge and insight, and we look forward to working with him in the next phase of HaloSource's commercialization."
The share price fell 24.24% to 62.5p by 12:38.
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