Image Scan Holdings PLC Trading Statement (8031P)
February 22 2021 - 2:00AM
UK Regulatory
TIDMIGE
RNS Number : 8031P
Image Scan Holdings PLC
22 February 2021
22 February 2021
Image Scan Holdings plc
("Image Scan" or the "Company")
Trading Update ahead of AGM
Image Scan, (AIM: IGE) specialists in the field of real-time
X-ray imaging for the security and industrial inspection markets,
provides an update ahead of its Annual General Meeting.
Key Points:
-- Contract to supply portable X-ray systems to the Royal Air Force
-- New portable X-ray customer in Canada
-- Overall order intake impacted by COIVD-19
-- New cabinet X-ray system launched
-- Design of new conveyor X-ray machine approaching completion
-- Healthy cash balance of GBP1.1m (as of 31 January)
The business has operated continuously through the COVID-19
pandemic, with sales, service, manufacturing and research and
development functions operating as close to normally as possible.
However, as anticipated in our report and accounts, the pandemic
has continued to have an adverse impact on the overall level of
orders, particularly in security. This impact has been most
noticeable in delays to the placing of larger, multi-unit orders by
our government customers.
Smaller portable X-ray orders have continued to be received and
have included several from significant new customers, not least the
RAF order announced in January, and a first order from the Canadian
government. The latter illustrates the progress of the 2020
initiative to target the North American security market, which has
included running training courses for security technicians and an
extensive programme of trials and demonstrations.
The new product development programme passed a significant
milestone with the launch of the AXIS-CXi cabinet X-ray system for
use in mailrooms and other security screening environments. This
system has been presented at on-line security equipment
exhibitions, demonstrated directly to customers, and has been the
subject of a number of multi-unit quotations. The AXIS-CXi will
soon be joined by the AXIS-64E conveyor X-ray system which is in
the final stage of design. A significant aspect of both these
additions to the product range is the anticipated increase in
recurring service and support revenues as they are deployed.
The order pipeline in both security and industrial markets is
showing some signs of recovery and the performance in the second
half will be dependent on timely receipt of those orders. The
Company continues to enjoy a healthy bank balance, with GBP1.1m of
cash as at 31 January.
Bill Mawer, Chairman and Chief Executive Officer of Image Scan
commented: "As anticipated, the business continues to be impacted
by the pandemic, though we are beginning to see a strengthening
pipeline of opportunities with both security and industrial
customers. We are making good progress with our ambitious product
development programme, and our aim remains to come out of the
pandemic with a broader range of screening systems, and a presence
in a wider range of security markets than before it started. We are
on target to achieve that goal."
The Company's Annual General Meeting, a closed meeting, will be
held at its Barrow-upon-Soar facility on 23(th) February at 11.00.
The Board will make a brief video presentation available on the
Company's website www.3dx-ray.com immediately after the AGM.
The Company will provide further detail in its interim results
in April 2021.
-ENDS-
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
William Mawer, Chairman and Chief Executive Officer 400
Sarah Atwell King, Finance Director and Company ir@ish.co.uk
Secretary
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W H Ireland - Nominated Adviser and Broker Tel: +44 (0) 117 945
Mike Coe/Chris Savidge (Corporate Finance) 3470
Jasper Berry (Broking)
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END
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