28 February 2023
Image Scan, (AIM: IGE) specialists in the field of real-time X-ray imaging for the security and industrial inspection markets provides a trading update ahead of its Annual General Meeting being held later today.
Trading for the year ending 30 September 2023 has begun with a strong momentum, with demonstrations, attendance and interest at trade shows, events and conferences beginning to return to pre-pandemic levels. Image Scan anticipates this trend will continue, particularly in Asian markets which have been trailing other territories in economic recovery.
The new ThreatScan®-AS1 is experiencing improved enquiry levels, being widely demonstrated to positive reviews, and is gaining a foothold in the market. The Image Scan R&D team will continue expanding this area of the product range, capitalising on the higher price point of this target market.
Positive partner feedback, coupled with increasing visibility of government projects coming back on stream in 2023 is providing greater confidence in the sales pipeline for the year.
Image Scan’s industrial business continues to perform in line with management expectations, reflecting the automotive industry’s transition to electric vehicle (EV) manufacturing. Revenues are transitioning away from North America and the UK to Eastern European and Asian territories. A programme to update systems installed globally to meet new manufacturing and software specifications is progressing well.
The planned transition to the new board structure for Image Scan Holdings plc has been executed smoothly. The Board has been further strengthened by the recent appointment of Sunil Vadgama, bringing with him decades of valuable industry experience.
Vince Deery, Chief Executive Officer of Image Scan said: “The increase in our order intake in line with management expectations is encouraging, demonstrating a significant swing from last year’s performance. International travel, attendance at trade shows and demonstrations are gathering momentum, generating new opportunities for Image Scan.
“Our development program, focussing on our higher specification products is progressing well, and strategic company developments will become viable opportunities with recent shareholder engagement activities.”
The Image Scan Holdings plc AGM will take place on 28 February at 13.30 at its Barrow-Upon-Soar HQ, with online attendance also facilitated. A brief presentation will be given by the Board, which will be made available on the investor’s website immediately after close of the meeting. For more information, please visit www.3dx-ray.com/investor-relations/.
Further detail will be provided in Image Scan’s interim results in April 2023.
|Image Scan Holdings plc
Chief executive officer
Chief financial officer, Company Secretary
Tel: +44 (0) 1509 817400https://www.3dx-ray.com/investor-relations/
|WH Ireland Limited
Nominated Advisor and Corporate Broker
Mike Coe / Sarah Mather (Corporate Finance)
Tel: +44 (0) 207 220 1666
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 a cabinet X-ray machine. The products are taken to market across the world through a strong network of international partners.
Over the last fifteen years, Image Scan has developed and manufactured industrial X-ray inspection systems, the MDXi range. The primary market for these systems is automotive emissions control where they are instrumental in quality control inspection of catalytic converters and diesel particulate filters.
The visibility and reach of the company’s 3DX-Ray brand has been further strengthened through a new LinkedIn profile focussed on its EOD and counter-terrorism activities. This can be found at: https://www.linkedin.com/company/3dx-ray/