06 October 2022
Image Scan (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets provides a pre-close trading update of its unaudited results for the year ended 30 September 2022.
Further to our revised guidance issued on 22 February 2022, we confirm that revenues and profit for the year will be below market expectations principally due to the slippage of contracts into next year that had been expected to complete before the year end. The second half has been challenging due to government contract delays and component supply issues which have had an impact across our product range and will continue to do so for the foreseeable future.
There is an uplift in market activity particularly around government opportunities which have been suppressed or delayed over the past two years. The levels of demonstration activity are improving along with attendance at trade shows – this is encouraging for the coming year.
Although the prospects for the global economy in the months ahead are uncertain and the exchange rate will provide opportunities and risks to the business, we believe that we are well placed to deliver an improvement on this year’s suppressed results. This is based on the continued opening of the global market place post pandemic which has allowed our new products greater exposure both at trade shows and through customer demonstrations. Although our opening order book is stronger than last year, our expectations for the coming year are now lower than they were previously expected due to a prudent assessment of the continuing challenges.
Image Scan’s Chief Executive, Vince Deery, commented: “Despite the challenges of the uncertain economic outlook, contract delays, supply side challenges and exchange rate concerns we retain our optimistic outlook for the future and an improved 2023. We continue to invest in new products and product developments to maintain and grow our market share.”
|Image Scan Holdings plc
Vince Deery, Chief Executive Officer
Sarah Atwell King, Chief Financial Officer and Company Secretary
|Tel: +44 (0) 1509 817 400
|W H Ireland
Mike Coe/Sarah Mather (Corporate Finance)
|Tel: +44 (0)20 7220 1666