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.
26
February 2025
IMAGE
SCAN HOLDINGS PLC
("Image
Scan" or the "Company")
AGM 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.
As was the case last year, trading in the
current financial year in terms of sales and order intake has begun
slowly. The Company expects to report a loss for the first
half with the overall result for the year being more significantly
second half weighted than last year. Despite the slow start, the
Company believes that market expectations for an increase in
profitability year-on-year remain achievable.
Delays in calling off units to be supplied
under a significant UK defence contract have disrupted the
anticipated delivery schedule, pushing back the realisation of the
associated sales into H2. This together with further conversion of
a robust pipeline of sales opportunities is expected to underpin
H2's performance.
The Company's higher performing portable x-ray
system the ThreatScan®-AS1 continues to deliver its potential,
contributing meaningfully to the business and opening doors to
larger tender opportunities. The Company is actively participating
in government tender processes for these portable X-ray products,
which, if successful, will significantly bolster the H2 order book.
As of 31st January, the order book stood at £4.5m in line with the
position at the beginning of the financial year in October.
Marketing activities in the year to date have
been extensive. The team has attended exhibitions in Europe and the
Middle East, alongside territory visits to demonstrate the
Company's enhanced product portfolio. Attention has been placed on
the ThreatScan®- AS1 and AS2, greater precision and highly portable
x-ray imaging systems designed for rapid response Counter Explosive
Ordnance operations. As demonstrated at the Middle Eastern Security
Exhibition, the addition of the ThreatScan®-AS2 complements the
ThreatScan®-AS1, allowing for a combination product offering for
more sophisticated markets.
The Company continues to navigate the managed
reduction of its industrial business within the catalytic converter
market (associated with the internal combustion engine). As this
sector continues its migration to geographically lower-cost
regions, the Company focus on transitioning towards after-sales
support revenues, eliminating dependence on capital equipment
sales.
The Board remains committed to creating
strategic growth opportunities, both organically and through
partnerships or acquisitions. With the support of the Company's
largest shareholder, the Company is actively analysing acquisition
targets that offer complementary products or technologies capable
of leveraging Image Scan's global partner network and, which if
completed, will broaden the Group's operational base, diversify its
market footprint, and demonstrate its ambition to grow.
Vince Deery, Chief Executive Officer of Image
Scan, commented: "While the first
half of FY25 is being affected by external delays and a slow order
intake, we remain confident in the opportunities available to us
and in the outturn for the year as a whole . The H2 pipeline and
order book is strong, and we are focused on converting these
opportunities into orders and sales. Our strategic plans, including
exploration of potential acquisitions, are at the forefront of our
ambitions and will position us for operational resilience,
competitive strength and sustained growth."
The Image Scan Holdings plc AGM will take place
on 26 February 2025 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 the meeting. For more information, please
visit www.3dx-ray.com/investor-relations.
Further details will be provided in Image
Scan's interim results in May 2025.
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
-ENDS-
Image Scan Holdings plc
Tel: +44 (0) 1509 817400
Vincent Deery CEO
Sarah Atwell-King, CFO & Company
Secretary
Zeus - Nominated Advisor and Corporate Broker
Tel: +44 (0)203 829
5000
Mike Coe/James Bavister (Investment
Banking)
ABOUT IMAGE SCAN HOLDINGS PLC
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 and is replacing
its Axis range of checkpoint X-ray systems with new machines
developed with a partner. All these products are taken to market
across the world through a strong network of international
partners.
In
addition, over the last sixteen years, Image Scan has developed and
manufactured industrial X-ray inspection systems, the MDXi range.
The primary market for these systems is in automotive emissions
control where they are used for 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/
