CustomVis warns of revenue miss, £1m loss

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    Date: Tuesday 22 Jul 2008

    LONDON (ShareCast) - CustomVis plunged Tuesday after the firm that makes lasers for corrective eye surgery warned that full year revenues will miss expectations due to fewer contracts being signed.

    The AIM listed firm signed just 10 contracts in the second half of the year to 30 June, due partly to negative industry sentiment relating to the group's financial position.

    It reckons losses will be around £1m when final numbers are released late October following a £568,056 pre-tax deficit in the first six months.

    A placing at 3.25p a share raising £2.4m before expenses was completed in March, but the company said it had just £1.4m in cash at the end of June.

    But boss Paul van Saarloos said three new contracts have been signed since the year end and the group has seen a return to projected sales levels, following the fundraising and increase in sales staff.

    Today’s statement also announced the appointment of Steve McRae as chief financial officer and company secretary, although he will not be joining the board at this time.

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