Trading Update
23 February 2016
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 2016 Annual General Meeting to be held at 13:30 today.
Key Points:
- Over £1m of new orders have been added to the £600k of orders carried forward from the prior year
- Multi-unit orders received for the newly released portable X-ray systems from two Asian customers
- Growing security business in Europe
- Successful exhibit at security exhibitions in Paris and Dubai
- Continued strengthening of industrial order book
- Ongoing investment in Research and Development during the period
In the security business significant orders have been received for both the new ultra-thin ThreatScan® LS1 panel and the smaller FlatScan-15 panel, together with our unique portable generator and new software suite. Multiple unit orders have been received from two important Asian customers and one of these orders has been despatched. In Europe our new sales manager continues to make progress and, among other achievements a unit will be provided to a European Commission research facility in Germany. The focus remains on winning the larger orders that are key to the long term and sustainable development of the Company’s security activity.
The Precision Linescan Detector (PLD) project, which is assisted by a UK Government grant of £104k, is on schedule and a first quarterly review was completed successfully with Innovate UK, the funding body. In this project we are working with innovative new technology from Ibex Innovations Ltd. Good progress is being made as the technology evaluation unit is now producing very high quality images.
The sales team have further accelerated the promotion of our portable X-ray products with exhibitions, demonstrations and customer trials around the world. The system was demonstrated widely at the Milipol Exhibition in Paris, the Intersec Exhibition in Dubai and during a tour of the Gulf region. Similar demonstrations are planned for other regions.
In terms of the industrial business, which is focussed on providing inspection technology used in the manufacture of automotive emissions control systems, we have continued to strengthen the order book. In addition to the order of four units reported at the start of the year, orders for three further units for delivery this year have also been received. Long term support contracts have been signed with a number of important customers.
Image Scan’s Chairman and Chief Executive, Bill Mawer, commented: “It has been gratifying to see the return of multi-unit orders for our portable X-ray systems while ‘in the field’ reports from customers using the new technology have been very positive. The continued strength of the order book for our industrial x-ray systems confirms our strength in this particular niche market. I am at this point optimistic for our first half performance and look for continued strong order intake to support the second half.”
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
William Mawer, Chairman
Sarah Atwell-King, Company Secretary
ir@ish.co.uk
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
Rick Thompson / David Foreman / Michael Reynolds (Corporate Finance)
David Banks / Tessa Sillars (Corporate Broking)
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.
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