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Image Scan expects “material improvement” after turnaround in order intake

The portable X-ray market has become more competitive, but the company said some large orders recently “show that our strong product range and focused international sales activity can still deliver”

Image Scan Holdings Plc -

Image Scan Holdings Plc (LON:IGE) said it was starting the new financial year with a strong order book and expects to see a “material improvement” in performance in the coming year. 

By its September year-end, the x-ray screening systems specialist’s order book had more than tripled to £1.7mln, with order bookings of £3.9mln over the year, compared to £2.8mln last year.

The final quarter saw a turnaround in order intake, with the AIM-listed company saying it had received some “significant contracts” for portable x-ray equipment to finish the period with a strong order book.

This was an encouraging finish after reporting back in February that sales in the first half were below expectations, with a low order book at the end of the previous year after delays or cancellations to procurement programmes by key international customers.

Over the whole 12 months, revenue reached £2.4mln compared to £3.5mln last time, while losses before tax came out at £401,811 compared to £201,850.

“It is disappointing to be reporting a decline in sales and profits,” said Bill Mawer, Image Scan's chairman and chief executive. 

“However, while the portable X-ray market has undoubtedly become more competitive, recent orders show that our strong product range and focused international sales activity can still deliver.”

Indeed, he said Image Scan started the new financial year with an order book that includes more portable systems than were delivered in all of last year.

“In FY 2020 we will continue our focus on expanding the security product range and filling gaps in our international partner network as we look to drive organic growth in our key markets.  We will also seek out larger security screening projects that build on our capability and expertise.”

Industrial screening is seen as presenting opportunities for growth as emissions control legislation tightens in key markets.

“The company has started the new year strongly and we expect to see a material improvement in our performance in the year,” he said.

Quick facts: Image Scan Holdings PLC

Price: 2.65 GBX

AIM:IGE
Market: AIM
Market Cap: £3.61 m
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