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LONDON (Alliance News) - Cantor Fitzgerald reiterates its Buy rating for Image Scan Holdings, although it makes no changes to its earnings forecasts for the company following its interim results, saying a strong order book, new portable products and enhanced sales marketing capability "arguably support a more positive outlook for the second half".
The interim results were in line with the company's trading update in April, and whilst Image Scan Holding's financial performance was hit by the delayed availability of a replacement portable x-ray generator from its US suppler, this masks a solid improvements in Image Scan Holding's underlying financial performance, says Cantor.
Image Scan, which specialises in real-time x-ray imaging for the security and industrial inspection markets, reported a pretax loss in the six months to March 31 of GBP387,000, wider than the GBP59,000 loss made in the same period the year before, as revenue fell to GBP863,000 from GBP1.7 million.
It said that revenue was hit by the delayed availability of the replacement portable x-ray generator from its US-based supplier, which resulted in a lower revenue contribution of GBP362,000 from this part of the business, a significant decline on the GBP752,000 it contributed in the same period the prior year.
"With the launch of the new portable x-ray products, I am confident that we now have a highly competitive range of systems and an excellent route to market. I intend for portable x-ray to be the foundation of the company's recovery and growth and the basis from which we develop our position in adjacent markets," Chief Executive Bill Mawer said in a statement.
Cantor has a price target of 3 pence for Image Scan Holdings.
Shares in Image Scan Holdings are trading up 9.1% at 1.50 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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