Image Scan, (AIM: IGE) specialists in the field of real-time X-ray imaging for the security and industrial inspection markets, provides an update ahead of its Annual General Meeting.
· Trading in the year to date has been robust
· Order intake in line with management expectations
· First X-ray images taken with prototype of new Axis X-ray system
· UK distribution agreement signed with Italian X-ray company Gilardoni
· New initiative to develop sales in North America
The strong order intake at the end of FY 2019 left the Company with a healthy orderbook of £1.7m, much of which should be recognised as sales in the period to March 2020. This includes the large portable X-ray contract announced in September 2019, which has recently been delivered to our customer. Our order intake has continued to meet management expectations, with new security and industrial contracts. A valuable spare parts order was received for the large nuclear screening system delivered in 2015.
The portable X-ray product range has been further strengthened with the release of new image processing features and a major wireless communication upgrade. The product development strategy includes a renewed and extended "Axis" range of X-ray screening systems, combining in-house developments with external technology partnerships. The prototype of a new security X-ray system developed under this plan has produced its first images and will be launched in the second half of FY 2020. Additionally, a UK distribution agreement has been signed with Italian X-ray company, Gilardoni.
The Company plans to increase its sales efforts in North America and has contracted a former US Marine, who is an experienced programme manager and senior Explosive Ordnance Disposal (EOD) technician. He will also support our product development programmes, sharing his extensive user and technical knowledge.
Image Scan's Chairman and Chief Executive, Bill Mawer, commented:
"Our organic growth strategy is focussed on expansion of both our product range and our market reach, so it is pleasing to be able to report on progress in both these areas. I am particularly delighted to welcome our new sales consultant, as he comes with considerable experience and expertise, and gives us, for the first time, a footprint in the USA.
As I said in the annual report, the portable X-ray market is competitive, but our offer is a strong one and we are working hard to differentiate our product range and expand into adjacent sectors. Image Scan has made a promising start to the year and is trading in line with market expectations. I am optimistic for a good first half and hope we can continue our current momentum through the rest of the year."
At its Annual General Meeting, to be held at its Barrow-upon-Soar facility on 25th February at 13:30, the Board will give a brief presentation, a copy of which will be made available on the Company's website www.3dx-ray.com.
This announcement has been approved by Bill Mawer, Chairman, on behalf of the Company.