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.
IMAGE
SCAN HOLDINGS PLC
("Image
Scan" or the "Company")
Trading
Statement
Image Scan, (AIM: IGE)
specialists in the field of real-time
X-ray imaging for the security and industrial inspection markets
provides a trading update ahead of its Annual General Meeting being
held later today.
Highlights:
·
The ThreatScan®-AS2 product was launched
at the Middle Eastern Security Exhibition
·
Order for Axis-CXi, the cabinet-based mail
screener, expanded into new territories, including Spain and
Switzerland
·
Attended European and Middle Eastern
demonstrations with new portable products and product
combinations
·
Commenced activities (with largest
shareholder support) to identify strategic acquisition
opportunities
Following a successful
return to profit in 2023, trading in the current financial year has
begun more slowly in terms of sales and order intake. The order
book as at January 2024 was £611k. As a consequence of the
slow start, the results for the year are expected to be
significantly second half weighted with the second half expected to
benefit as the current pipeline of sales opportunities is
converted. ThreatScan®-AS1 is increasing its contribution to the
business and is providing opportunities in larger volume tender
processes historically unavailable to Image Scan. The Company is
participating in multiple unit government tender opportunities for
the portable x-ray product, which if successful will add to the
order book, which is already weighted to H2. Positive feedback from
partners and sales team instils confidence in the sales pipeline
for the year.
The year to date has seen
extensive marketing activities; the team has been actively
attending exhibitions in Europe and the Middle East and going on
territory visits, to showcase and demonstrate the enhanced product
portfolio. The focus is on the latest addition to the product
family, the ThreatScan®-AS2, a very thin and light weight imaging
panel ideal for rapid response Counter Explosive Ordnance
operations using a backpack deployment, launched at
the Middle Eastern Security Exhibition.
The introduction of the ThreatScan®-AS2 compliments the
ThreatScan®-AS1, expanding outreach to a broader customer and more
sophisticated territory base. The Group received orders for
Axis-CXi, the cabinet-based x-ray system for screening mail,
parcels and small baggage for potentially harmful items and
contraband, expanded into new territories, including Spain and
Switzerland.
We are adeptly managing the
reduction in industrial business supporting the catalyst market
(associated with the internal combustion engine), as this sector
undergoes geographic migration to lower cost-based locations. Image
Scan is focusing on service and support revenue rather than relying
on capital equipment sales.
As announced in the final
results for the year ended 30 September 2023, the board are looking
to create strategic opportunities to expand the business through
partnerships and acquisitions. The Board, with the support of the
Company's largest shareholder, has commenced
a process of identifying and
analysing organisations offering complementary products or
technology that would benefit from Image Scan's well developed
partner network.
Vince Deery, Chief
Executive Officer of Image Scan said: "The launch of
ThreatScan®-AS2 aligns with our strategy to introduce
higher performing products to enable competition in wider
geographies and more government
opportunities. The endorsement of the strategy is evidenced
by our participation in a number of tender processes that would not
have been possible previously."
The Image Scan Holdings plc AGM will
take place on 28 February at 13.30 at its Barrow-Upon-Soar HQ, with
online attendance also facilitated. A brief presentation will
be given by the Board, which will be made available on the
investor's website immediately after close of the meeting.
For more information, please visit
www.3dx-ray.com/investor-relations/.
Further detail will be provided in
Image Scan's interim results in April 2024.
-ENDS-
Image Scan Holdings
plc
Vincent Deery
Chief executive officer
Sarah Atwell-King,
Chief financial officer, Company Secretary
Tel: +44 (0) 1509 817400
https://www.3dx-ray.com/investor-relations/
|
WH Ireland
Limited
Nominated Advisor and Corporate
Broker
Mike Coe / Sarah Mather (Corporate Finance)
Tel: +44 (0) 207 220 1666
|
For further information on the Image
Scan, please visit: www.ish.co.uk.
For further information on Image Scan products, please
visit: www.3dx-ray.com
About Image Scan Holdings plc
The core activity of the Group is the manufacture of portable
X-ray systems for security and counter terrorism applications. The
Group recently launched a cabinet X-ray machine. The products are
taken to market across the world through a strong network of
international partners.
Over the last fifteen years, Image Scan has developed and
manufactured industrial X-ray inspection systems, the MDXi range.
The primary market for these systems is automotive emissions
control where they are instrumental in quality control inspection
of catalytic converters and diesel particulate
filters.
The visibility and reach of the
company's 3DX-Ray brand has been further strengthened through a new
LinkedIn profile focussed on its EOD and counter-terrorism
activities. This can be found at: https://www.linkedin.com/company/3dx-ray/
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