This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
23 October 2024
IMAGE SCAN HOLDINGS
PLC
("Image
Scan" or the "Company")
Trading
Update
Profits expected to be in
line with market expectations
Strong Profit Growth, Healthy
Cash Position,
Image Scan, a leading provider of
X-ray screening systems, today announced its pre-close trading
update for the year ended 30 September 2024 ("FY24").
As anticipated in the interim
report, after a measured first-half, trading in the second half has
been much stronger. Subject to audit, revenue is expected to be
approximately £2.9m, broadly in line with the previous year (FY23:
£3.0m). The Group also expects to report unaudited pre-tax profit
in line with market expectations at £0.2m (FY23: £0.1m) being a
100% increase on FY23.
Notable factors contributing to this
pleasing performance have been
· Product
Innovation: The introduction of new
and innovative products has driven increased market adoption and
customer satisfaction.
· Government
Opportunities: The company's ability
to secure government contracts has been a key driver of
growth.
· Cost
Management: Previous restructuring
and ongoing cost-control measures have contributed to improved
profitability.
In addition to the strong
profitability and financial performance, Image Scan also maintained
a healthy cash position. As at 30 September 2024, the Group had
cash balances of £912k (FY23: £958k). During FY24, £215k
(FY23: £185k) was invested in product development. This financial
foundation provides the Company with the flexibility to invest in
future growth initiatives, including potential
acquisitions.
Recent Contract Win and Order Book
As announced in a separate release
last week, Image Scan has successfully finalised a major contract
with a prominent defence contractor for the supply of its
ThreatScan® portable X-ray system. Valued at approximately £3m over
a 36-month period, the contract is a significant achievement in our
strategic growth.
The revenue and profit from this
contract are anticipated to be recognised primarily in FY25 and
FY26. The win further strengthens our substantial order book as we
enter the new financial year. This contract provides a solid
foundation for next year's performance, providing a consistent
level of activity and reflects the growth in demand for our
high-performance solutions to the security and defence
sectors.
As at 30 September 2024 the order
book stood at £4.5m which will be primarily delivered in FY25 and
FY26.
Looking Ahead
Image Scan remains focused on
expanding its product range, strengthening its market position, and
exploring new growth opportunities including through acquisition.
The Company's strong financial performance, bolstered by recent
contract wins gives the Board confidence for the year
ahead.
Vince Deery, Chief Executive
of Image Scan, commented:
"I am extremely pleased with the
Group's performance in FY24. We have not only achieved a
significant increase in profitability but also maintained a strong
cash position. The recent contract awards with European defence
partners positions us well in the marketplace and gives us
confidence for future growth in FY25 and beyond."
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
-ENDS-
Image Scan Holdings
plc
Tel: +44 (0) 1509
817400
Vincent Deery CEO
Sarah Atwell-King, CFO & Company
Secretary
Zeus - Nominated Advisor and
Corporate Broker
Tel: +44 (0)203 829 5000
Mike Coe/Sarah Mather (Corporate
Finance)
ABOUT IMAGE SCAN HOLDINGS PLC
About Image Scan
Holdings plc
The core activity of the Group is the manufacture of portable
X-ray systems for security and counter terrorism applications. The
Group recently launched an updated and refreshed range of portable
products to compliment the previously revised cabinet-based x-ray
product line. All these products are taken to market across the
world through a strong network of international
partners.
In
addition, over the last sixteen years, Image Scan has developed and
manufactured industrial X-ray inspection systems. The primary
market for these systems is in automotive emissions control where
they are used for quality control inspection of catalytic
converters and diesel particulate filters.
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
