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(Alliance News) - Image Scan Holdings PLC shares rose on Tuesday, after it said it expects revenue to jump 50% in its recent financial year and to swing to a profit.
Shares in Loughborough, England-based Image Scan were up 5.9% to 1.80 pence each in London on Tuesday morning, following its pre-close trading update.
The X-ray screen system supplier to the security and industrial inspection markets said it expects to report "strong" sales and profit growth in the financial year ended September 30.
Revenue is expected to be GBP3 million, up 50% from GBP2 million the previous year. It predicts to swing to a pretax profit of GBP100,000 from a loss of GBP350,000 the year prior.
"The uplift in market activity as mentioned in the interim results has continued and government opportunities which were suppressed or delayed, by Covid and its aftermath, are now actively progressing. The extension of the product range has already borne fruit and offers the company wider opportunities in the Counter Explosive Ordnance portable x-ray marketplace," Image Scan said.
It added that it has dealt "very adeptly" with the challenging global economic conditions and in particular with the significant inflationary pressures and supply chain delays.
Image Scan's Chief Executive Vince Deery commented: "I am delighted with the work we have undertaken this year to ensure organisation changes and cost controls have had their impact which has helped deliver the hugely welcome return to profit. With the improving market conditions, we wish to build on this result and use the coming period working with significant shareholders to look at the strategic opportunities for growth as a listed business."
By Sophie Rose, Alliance News reporter
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