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 2020.
· Sales increased 50% to £3.5m (2019: £2.4m)
· Pre-tax trading profit of £113k (2019: Loss of £402k)
· Aftersales revenues increased by 50%
· Strong cash generation, yielding a year-end balance of £1.4m (2019: £640k)
· Sales of portable X-ray systems doubled
· A new cabinet X-ray system was launched
· A partnership agreement was signed with a major security technology company
· Strong cash flow due to excellent working capital management
Bill Mawer, Chairman and Chief Executive of Image Scan commented: "It is gratifying to be able to report a profit in the middle of such a difficult period for manufacturers around the world. The COVID-19 pandemic has impacted our customers, our supply chain and our staff. However, I am proud of the way the whole Company has pulled together through this period to keep the business operating and to be able to deliver a profit for the year that exceeded our earlier estimates.
The recent launch of the Axis-CXi cabinet X-ray machine is an exciting step forward for the Company and should bring new customers and new sources of revenue. With our strong cash position and our ambitious product development programme we look to emerge from the pandemic well-placed for the future