Image Scan Holdings PLC Trading Update (4795P)
October 10 2023 - 2:00AM
UK Regulatory
TIDMIGE
RNS Number : 4795P
Image Scan Holdings PLC
10 October 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
10 October 2023
Image Scan Holdings plc
("Image Scan", the "Company" or the "Group")
Trading Update
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 for the year ended 30 September
2023 ("FY23").
The Group expects to report strong sales and profit growth for
the year. Unaudited revenue is expected to be c. GBP3m for FY23
(FY22: GBP2m) an increase of 50% and pre-tax profit c.GBP0.1m
(FY22: GBP0.35m loss). The Board is very pleased and encouraged
with the Company's performance during the year given the market
challenges.
The team has shown great energy and enthusiasm in achieving this
turnaround. It has dealt very adeptly with the challenging global
economic conditions and in particular with the significant
inflationary pressures and supply chain delays, the latter of which
is now showing signs of improvement.
The uplift in market activity as mentioned in the Interim
Results has continued and government opportunities which were
suppressed or delayed, by COVID and its aftermath, are now actively
progressing. The extension of the product range has already borne
fruit and offers the Company wider opportunities in the Counter
Explosive Ordnance portable x-ray marketplace.
The industrial activities of the Group have continued at
expected levels. The transition of this business to lower
cost-based locations in Eastern European and Asia has been well
managed in order to mitigate any impact to the Group's revenue and
profitability.
The restructuring and cost control programs, previously reported
have contributed to the return to profit, coupled with prudent cash
management the Company closed the year with GBP959k cash (FY22
GBP690k).
Image Scan's Chief Executive, Vince Deery, commented: "I am
delighted with the work we have undertaken this year to ensure
organisation changes and cost controls have had their impact which
has helped deliver the hugely welcome return to profit. With the
improving market conditions, we wish to build on this result and
use the coming period working with significant shareholders to look
at the strategic opportunities for growth as a listed
business."
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
Enquiries:
Image Scan Holdings plc Tel: +44 (0) 1509 817
Vincent Deery CEO 400
Sarah Atwell King, CFO and Company Secretary ir@ish.co.uk
W H Ireland - Nominated Adviser and Broker Tel: +44 (0)20 7220
Mike Coe/Sarah Mather (Corporate Finance) 1666
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END
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