(Alliance News) - Image Scan Holdings PLC shares jumped on Wednesday, after it said it had swung to a half-year profit, as revenue climbed by 85%.
Shares in the company were up 9.2% to 2.13 pence each in London on Wednesday around midday.
The company said that revenue in the six months ended March 31 surged 85% to GBP1.5 million from GBP790,000 a year earlier.
Operating expenses fell by 8% to GBP688,000 from GBP GBP749,000, reflecting organisational changes
It swung to a pretax profit of GBP16,000 from a loss of GBP345,000.
Order intake in the six-month period increased by 81% to GBP1.9 million from GBP1.0 million. Image Scan said that this places the company in a "stronger position" for the second half of the year.
Looking ahead, Image Scan expects full-year results to be in line with market expectations.
"The increased level of foot fall at security trade shows globally and the improved level of demonstration activity by our sales team and the partner network builds confidence that the improvement in the business shown in the first half can continue into the second half," the company added.
However, it warned that some Asian territories have yet to recover to the levels of business experienced previously.
Away from results, Deputy Chair Richard Leaver has announced plans to step down at the end of the financial year. Leaver has held the position since May 2022.
"On behalf of the board, I would like to thank Richard, and acknowledge his dedication, support, and guidance to the company over the years of his valuable service," said Chief Executive Officer Vince Deery.
By Sophie Rose, Alliance News reporter
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Image Scan Holdings (IGE)