(Alliance News) - Image Scan Holdings PLC on Tuesday celebrated "a profitable year" with revenue and earnings increasing, and said it remains confident in its medium and long-term prospects.
Despite the broadly positive results, shares in Image Scan dropped 14% to 1.60 pence each on Tuesday afternoon in London.
The Loughborough, England-based x-ray screen system supplier reported a GBP96,577 pretax profit for the year that ended on September 30, compared with its GBP349,523 loss the year before.
Sales increased 50% to GBP3.0 million from GBP2.0 million, with order intake rising 31% to GBP2.9 million from GBP2.2 million.
"I'm very pleased by our results, a testament to the team's tireless efforts for a profitable year," said Chief Executive Vince Deery. "New products and an optimised cost base significantly contributed to this turnaround. Our extended portable product range for the security market gained traction, resulting in a substantial uplift in sales compared to the previous year."
Going forward, Chair Tim Jackson said: "The sustained vigour in our sales and marketing activities instils confidence in our ability to...meet expectations for the current financial year."
"With a robust operational and financial foundation, we look forward to the coming year, aiming for organic growth and strategic development," Deery added.
By Emma Curzon, Alliance News reporter
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Image Scan Holdings (IGE)