Image Scan Holdings PLC Pre-Close Trading Update (4410Q)
21 Octubre 2019 - 1:00AM
UK Regulatory
TIDMIGE
RNS Number : 4410Q
Image Scan Holdings PLC
21 October 2019
21 October 2019
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain
IMAGE SCAN HOLDINGS PLC
("Image Scan" or the "Company")
Pre-Close 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 ahead of its results for the
year ended 30 September 2019.
Key Points:
-- Sales of GBP2.4m (2018: GBP3.5m) at a gross margin of 54% (2018: 48%)
-- Unaudited trading loss before tax of approximate GBP370k (2018: profit of GBP49k)
-- New security screening system in development
-- New international sales partners appointed
-- New order of over GBP800k for portable X-ray systems received close to year end
-- Total order bookings strongly higher at GBP3.9m (2018: GBP2.5m)
-- Period-end orderbook of GBP1.7m (2018: GBP465k)
-- GBP627k of cash at the end of the period (2018: GBP782k)
At the start of FY2019, the Company was affected by delays in
overseas Government contracts, resulting in a further decline in
sales and a loss for the financial year. However, order intake
turned around strongly in the final quarter, particularly in
portable X-ray, leaving Image Scan better positioned at the start
of FY 2020.
Sales for the year ended 30 September 2019 were GBP2.4m (2018:
GBP3.5m). Sales of portable X-ray systems declined by 40%, with the
fall-off particularly noticeable in the Indian Subcontinent, where
budgets have been tight. However, there are new opportunities in
this important market in the year ahead. Sales of industrial units
returned to a more normal level after the record high seen in FY
2018 but included systems installations with automotive customers
in the important Indian market.
Gross margins were again strong at 54% (2018: 48%), partly
driven by new service contracts. Overheads were fractionally higher
at GBP1.7m (2018: GBP1.6m). Subject to any audit adjustments, the
pre-tax trading loss for the year was approximately GBP370k (2017:
profit of 49k) after a Research and Development Tax Credit.
Receipt of a large European order, announced on 18 September
2019, and, more recently, a significant order from an Asian
customer, brought total orders received for the year to GBP3.9m
(2018: GBP2.5m). The Company starts FY 2020 with an order book of
GBP1.7m (2018: GBP465k), most of which is expected to be delivered
during the first half of the year.
The year ended with a positive cash balance of GBP627k (2018:
GBP782k).
The Company currently holds high levels of stock, particularly
part-complete portable X-ray systems. With most of this stock
allocated to the recently received orders, the stock level is
expected to decline over the next few months. A stock control
policy, constantly reviewed by management, strikes a balance
between control of working capital and the need to offer short
delivery times to customers.
The Company's product strategy is focused on defending our
position in the competitive portable X-ray market while
simultaneously broadening the product range into other security
screening sectors. These aims will be achieved by a combination of
internal Research and Development and partnership with other
security technology suppliers. A new range of security screening
systems is now in development. The Company's international reach
has been further extended with the appointment of new sales
partners.
Image Scan's Chairman and Chief Executive, Bill Mawer,
commented: "It is disappointing to be reporting a decline in sales
and profits. However, while the portable X-ray market has
undoubtably become more competitive, recent orders show that our
strong product range and focused international sales activity can
still deliver. I am pleased to report that we start the new
financial year with an order book that includes more portable
systems than were delivered in all of last year. Our strong network
of international partners will provide further growth opportunities
as new products come to market."
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
William Mawer, Chairman
Sarah Atwell-King, Company Secretary
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
Rick Thompson / Will Goode (Corporate Finance)
Caspar Shand Kydd (Sales)
Person responsible:
The person responsible for arranging the release of this
announcement on behalf of Image Scan is William Mawer.
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(R) 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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