26 June 2019
Image Scan (AIM:IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets provides this trading update for the financial year to 30 September 2019.
Security orders and sales have been disappointing in the third quarter and the Company is now unlikely to meet market expectations for sales and profit at the end of the financial year. Several overseas Government projects for portable X-ray systems, that had been expected to contribute to on-target earnings, have been delayed or postponed and are now unlikely to be realised in this year’s results.
The industrial X-ray inspection sales are performing in line with management expectations.
In light of this, the business is now expected to make a loss in FY 2019, though the quantum of the loss at the year-end will depend on orders due to be received in the next few months.
Image Scan’s Chairman and Chief Executive, Bill Mawer, commented: “Historically, our second half sales have been substantially stronger than those in the first half, and in announcing our FY 2019 first half results, we could see a strong enough pipeline to support our year-end expectations. That a number of those projects have not materialised is disappointing and has led to this revised view of the year end. Looking to the future, our internal product development programme is moving ahead rapidly, and we are working on partnerships to further expand our product range.”
The Company will provide a pre-close statement on its results for the year to 30 September 2019 in October 2019.
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
William Mawer, Chairman
Sarah Atwell-King, Company Secretary
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
Rick Thompson / Will Goode (Corporate Finance)
Caspar Shand Kydd (Sales)
The person responsible for arranging the release of this announcement on behalf of Image Scan is William Mawer.
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time X-ray solutions for use in the global Security and Industrial inspection markets. The Company’s Security portfolio includes the ThreatScan® range of portable bomb and suspect package detection systems; the Axis range of baggage inspection systems; and SVXi, a small vehicle inspection system. The Industrial inspection solutions include the MDXi product range, cabinet X-ray systems for laboratories and production lines. The Company was founded in 1996 and joined AIM in 2002.