Image Scan Holdings PLC Pre-Close Trading Update (1185R)
03 Noviembre 2021 - 12:59AM
UK Regulatory
TIDMIGE
RNS Number : 1185R
Image Scan Holdings PLC
03 November 2021
03/11/2021
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 of its unaudited results for
the year ended 30 September 2021.
Key Points:
-- Order bookings increased to GBP2.8m (2020: GBP2.4m)
-- Sales fell to GBP2.9m following weak first half (2020: GBP3.5m).
-- Gross margin increased to 53% (2020: 49%)
-- Strong control of overheads, reduced 18% to GBP1.3m (2020: GBP1.6m)
-- Reportable unaudited pre-tax trading profit of GBP189k (2020: GBP112k)
-- Pre-tax trading profit (adjusted for capitalized R&D spend) GBP98k (2020: GBP112k)
-- First orders for new cabinet X-ray systems
-- First orders for government customers in the USA
-- Period-end order book of GBP516k (2020: GBP633k)
-- Strong year-end cash balance of GBP1.2m (2020: GBP1.4m)
The COVID-19 pandemic continued to impact activity, with foreign
travel for trade shows, sales presentations and in-person customer
service only starting to become possible at the very end of the
period. Despite the challenges, the business traded throughout the
pandemic and careful management of overheads allowed it to make a
profit whilst continuing with its ambitious new product development
programme.
New orders increased to GBP2.8m (2020: GBP2.4m) and included
both sales of new products, such as the Axis-CXi cabinet X-ray
system, and sales to new customers in new territories. Among the
new customer sales, those to government agencies in the USA and
Canada were particularly significant, as the Company has invested
in developing these important markets. Following a weak first half,
sales strengthened to reach GBP2.9m (2020: GBP3.5m) at year-end and
included a 30-unit portable X-ray sale to an Asian government.
Margins were strong at 53% (2020: 49%).
A significant decrease in overheads to GBP1.3m (2020: GBP1.6m)
reflected lower travel costs caused by the COVID-19 pandemic, a
reduction in trade show costs, and judicious use of the Government
furlough scheme in quieter periods. This, together with the strong
margins, led to an unaudited pre-tax trading profit, calculated on
the same basis as the prior year, of GBP98k (2020: GBP112k).
Much of the product development effort to the Company is now
focussed on development of new product ranges, such as cabinet and
conveyor X-ray systems which are expected to generate new revenue
streams for the business. The Company is therefore in a position to
implement the policy of capitalising its new product development
spend under IAS38 Intangible Assets. The adoption of this policy is
expected to increase the reportable pre-tax profit for the year by
GBP91k to GBP189k.
Stock has continued to be tightly managed, although global
disruption in supply chains for a variety of components and
commodities has forced the Company to start buying critical items
for stock as they become available. This has yet to significantly
impact stock levels or delivery times but will continue to require
careful management going forward. The Company finished the year
with an order book of GBP516k (2020: GBP633k) and a healthy cash
balance GBP1.2m (2020: GBP1.4m).
The new product development programme continued to make good
progress and launches of both portable and conveyor X-ray systems
are anticipated for early in FY 2022. The R&D team has
delivered a new suite of measurement techniques to a key industrial
customer, and it is hoped this will lead to wider adoption of our
industrial inspection systems.
Image Scan's Chairman and Chief Executive, Bill Mawer,
commented:
"The COVID-19 pandemic has continued to impact all aspects of
the business. Launching a new product without being able to visit
customers or attend trade shows has presented a considerable
challenge, as has servicing our widely deployed industrial X-ray
machines. However, first orders were received for the new product,
our industrial service contracts have been delivered, and it is
pleasing to report a profit for the second year in succession.
Disruption to global supply chains remains a concern but, with more
product launches planned for the new year, and a world that is
starting to adjust to the presence of COVID-19, we retain our
optimistic outlook for the future."
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
----------------------
W H Ireland Tel: +44 (0) 117 945
Mike Coe/Sarah Mather (Corporate Finance) 3470
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