Image Scan Expects Interim Results In Line As Delayed Order Resold

LONDON (Alliance News) - Image Scan Holdings PLC on Wednesday said that it anticipates to perform at close to break even for the interim period ended March 31 as trading to the end of the financial year is in line with market expectations.

The stock was trading 13% higher at 6.50 pence per share on Wednesday.

The X-ray screening systems supplier said that it cancelled a GBP1.0 million order delayed by one customer in January and recently sold all the portable X-ray units from the order to customers in Europe and Asia.

The group also saw its first order from South America and assumes future growth opportunities in the area.

Looking ahead, Image Scan highlighted that it received an installation order of five MDXi 400 systems in catalytic converter plants in Asia and Europe. The group plans to complete the delivery of security systems in the second half of 2018.

"The new industrial orders show continued confidence in Image Scan and our products from global industrial companies in the automotive industry. It is relatively rare for us to be building more than one MDXi system at a time, so to have five systems going through the factory in one batch will allow us to benefit from supply chain and manufacturing efficiencies." said Chairman and Chief Executive Officer Bill Mawer.

Image Scan Holdings