Image Scan Holdings PLC Trading Statement (3396C)
22 Febrero 2022 - 1:00AM
UK Regulatory
TIDMIGE
RNS Number : 3396C
Image Scan Holdings PLC
22 February 2022
22 February 2022
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")
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 being held
later today.
Key points:
-- New portable X-ray system launched at Dubai security show
-- Image Scan appointed global distributor for Serstech AB
-- Portable X-ray sale to US Federal agency
-- Change of board roles from 1 January
-- Trading continues to be impacted by COVID-19
-- Company will be loss-making for the first half of the financial year
-- Board considers the loss may not be recovered by end of the financial year
The new ThreatScan(R)-AS1 fully integrated portable X-ray
system, together with a new, high energy, X-ray generator, was
launched at a Dubai security exhibition held in January and there
were encouraging levels of interest from both customers and trading
partners. Manufacturing of the first batch of production units is
about to start, and some of these will be used as demonstrators by
our sales team and international sales partners. The first sale of
a portable X-ray system to a US Federal agency was an important
milestone in our targeting of the North American market.
Sales of the Company's industrial scanners continue to be
impacted by disruption in the automotive industry, where both
customer demand and global supply chains have been adversely
affected by COVID-19. However, the Company recently received an
order for a new machine and has been performing trial inspections
of parts for a potential new customer in the same industry. As part
of its diversification plan, trial inspections of parts for a fuel
cell company have also been carried out.
Initiatives to further expand the footprint of the Company
included entering into a distributor agreement with Serstech AB,
under which we are taking their sophisticated, hand-held chemical
analysers to the global security market.
As part of the Board's succession plan, Vincent Deery was
appointed as Interim CEO on 1 January 2022. William Mawer now
performs the role of Executive Chairman.
In the first half of FY22, COVID-19 has continued to impact
customer spending, the operation of our sales and service
functions, our international supply chain, and our staff. Orders
have been delayed, causing the momentum built up in the second half
of FY21 to stall. This is now expected to result in the Company
making a significant loss for the first half.
The result for the year as a whole was, and still is, expected
to be second half weighted but while we have a strong pipeline of
orders across many parts of the world, the timing of those orders
is hard to predict in the current environment, and the Board
therefore believes it is unlikely that the second half will be
sufficiently strong to enable the Company to fully recover the
first half loss.
Bill Mawer, Chairman and Chief Executive Officer of Image Scan
commented: "It is disappointing that our order intake has stalled
in the first half of the year. While international travel for trade
shows and demonstrations is still limited, we have a healthy
pipeline of new business. However, it will take some time for that
business to come through. Together with the loss of COVID-19
Government support mechanisms, this gives us less confidence in our
original expectation for the current financial year. The positive
response to the launch of our new products gives us confidence for
the longer term but, in the continuing, challenging environment, it
has to be expected that it will take a while for order levels to
recover."
The Company's Annual General Meeting, which will take place on
22 February at 13.30. It will be a hybrid meeting, with options for
attendance at its Barrow-upon-Soar facility and on-line. 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 2022.
-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, Executive Chairman 400
Sarah Atwell King, Finance Director and Company ir@ish.co.uk
Secretary
----------------------
W H Ireland - Nominated Adviser and Broker Tel: +44 (0) 207 220
Mike Coe/S arah Mather 1666
----------------------
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END
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