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Image Scan Holdings - a decline in orders hits profits

Image Scan Holdings - a decline in orders hits profits

Wed 5 Dec 2018 07:55 by about : trading updates - 0 Comments - 679 words

Image Scan (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets, today announces preliminary results for the year ended 30 September 2018.


·     Sales of £3.5m (2017: £5m)

·     Gross margin increased to 47% (2017: 38%)

·     Profit before tax and exceptional costs associated with aborted acquisition of £96k (2017: £480k)

·     £780k of cash at the year end (2017: £1.3m)

·      Record sales of industrial inspections systems

·     Launch of ThreatScan® 2 precision detectors

·     Strengthened operations and sales teams

·     Re-certificated Quality system to ISO 9001:2015


Bill Mawer, Chairman and Chief Executive of Image Scan, commented: "Image Scan grew rapidly in both sales and profits between 2015 and 2017 and so the cancelled order and the failure of the attempted acquisition have come as disappointments. A decline in portable X-ray orders has exacerbated this.  Our order pipeline is strong, we have strengthened our team and re-focussed our research and development activity to drive the business forward through organic growth.

In FY19 we plan to expand our security product range, extend our geographical market reach, and further build on our recent operational improvements. Our industrial activity is performing well and continued tightening of automotive emissions legislation around the world provides a helpful backdrop for the highly specialised inspection systems we provide.

The company has attractive and highly differentiated products in strongly performing market segments. We are well placed to put the setbacks of 2018 behind us and return to the growth of previous years."

These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

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