01 September 2020
Image Scan, (AIM: IGE) specialists in the field of X-ray imaging for the security and industrial inspection markets, provides a trading update for the financial year to 30 September 2020, following better than expected performance in the second half.
The Company has continued to run its sales, manufacturing, and product development operations through the ongoing COVID-19 crisis. As anticipated in the interim results statement, the overall security technology market has been adversely impacted by the pandemic, but orders have continued to be received and equipment delivered. The initial impact of COVID-19 on the Company’s supply chain has been mitigated and we are currently able to source the parts and subsystems needed for product sales.
While the year-end sales outcome is expected to be close to that anticipated, margins on orders received have been better than expected and the company has managed its overhead costs and stock carefully meaning that profits for the year will be ahead of current market expectations.
The Board now has sufficient confidence in the Company’s trading to provide earnings guidance for the year ending 30 September 2020 of sales of £3.3m to £3.5m and a profit performance between breakeven and £100k.
Bill Mawer, Chairman and Chief Executive Officer of Image Scan commented: “I have been delighted by the outstanding effort of our entire team to keep all aspects of the business running through the COVID-19 crisis. This improvement in our anticipated results arises directly from their efforts. We expect the pandemic to continue to impact orders for some time but are moving forward with our new product development programmes in order to further improve our performance as the crisis wanes and the security technology market recovers.“
The Company will provide a pre-close statement on its results for the year to 30 September 2020 in October 2020.
Image Scan Holdings plc
William Mawer, Chairman and Chief Executive Officer
Sarah Atwell King, Finance Director and Company Secretary
Tel: +44 (0) 1509 817 400
W H Ireland
Mike Coe/Chris Savidge (Corporate Finance)
Tel: +44 (0) 117 945 3470