Image Scan Holdings PLC – Interim Results
Image Scan, (AIM: IGE) specialists in the field of X-ray imaging for the security and industrial inspection markets today announces its interim results for the six months ended 31 March 2019. Whilst the performance during the first six months was slightly behind expectations, the Board expects to meet market expectations for the year to 30 September 2019.
Financial summary:
- Order intake steady at £2.1m (2018: £2.0m)
- Revenue declined to £1.4m (2018: £2.0m)
- Gross profit margin increased to 47% (2018: 42%)
- Loss before taxation of £178k (2018: profit of £39k)
- Period end bank balance of £750k (2018: £752k)
- Period end order book of £1.0m (2018: £1.1m)
- Expected to meet market expectations for the financial year end
Operational highlights:
- Renewed focus on organic growth with investment in marketing and product development
- Orders for portable X-ray units up 14% on the prior period
- Tightening emissions control legislation in India and China supports industrial unit sales
- Over 90% of industrial units now under long term service contract
- Aftermarket sales strategy developed, offering significant upgrades to existing portable X-ray users
- New product development programme is underway targeted at new product sector
- Sales behind management expectations at the end of H1 due to contract delays with International Government customers but are expected to recover during H2
Bill Mawer, Chairman and Chief Executive Officer of Image Scan, commented: “The recent decline in the share price is clearly disappointing for all shareholders. Our short-term strategy is a simple one: to take more of our X-ray inspection systems, to more markets, as fast as possible. The entire staff of the Company is focused to this activity. We start the second half with a £1.0m order book and sufficient activity in our pipeline for the Board to expect the Company to meet market expectations for the year to 30 September 2019.”
For further information on the Company, please visit: www.ish.co.uk and for further information on its products, please visit: www.3dx-ray.com