LONDON (Alliance News) - Shares in Image Scan Holdings PLC were down 17% Tuesday morning after said it expects to report a widened pretax loss for its recently ended financial year.
Image Scan Holdings develops x-ray products for the security and industrial inspection markets.
It expects to report a pretax loss of GBP640,000 for the year to end-September, widened from the loss of GBP520,000 it reported a year before, as sales fell to GBP1.7 million from GBP2.2 million.
Throughout the year the company's sales have been hit by a drop-off in orders of its portable x-ray systems, as it exhausted the remaining supply of the old-style portable x-ray generators and it looked to find a replacement. Overheads rose by GBP80,000 as the company invested in research and development and focused on overcoming product development delays in its new X-ray systems.
"As previously announced, the delayed availability of the replacement portable X-ray generator from our partner and, more recently, of the new detector panel from our internal research and development team has adversely impacted the business this year," said Chairman and Chief Executive Bill Mawer in a statement.
The company said that industrial sales were "un-remarkable" during the year at two units, down from three units in the previous year. However Image Scan said it has seen increased demand from manufacturers of automotive emission control systems for its X-ray inspection systems. It has started its new year with 4 units in its order book.
Image Scan Expects to report its full-year results in December.
Shares in Image Scan were down 17% at 1.35 pence Tuesday morning, the biggest faller on AIM.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Image Scan Holdings (IGE)