INTERIM RESULTS12 Jun 2014 10:45
Revenue up 57%, reduced overheads
Image Scan, the AIM-listed specialist supplier of x-ray screening systems to the security and industrial inspection markets, today announces its interim results for the six months ended 31 March 2014.
Financial summary:
· Revenue up 57% to £1,678,000 (2013: £1,072,000)
· Gross profit margin of 31% (2013: 32%) after provision for further losses on the nuclear contract
· Overheads down 22% to £576,000 (2013: £740,000) following the 2013 restructuring exercise
· Loss after taxation of £36,000 (2013: £389,000)
· Period end bank balance of £25,000 (2013: £138,000)
· Current bank balance of £190,000
Operational highlights:
· Board realigned and strengthened with appointment of Bill Mawer as Chairman and Chief Executive Officer
· H1 revenue increase based on strong sales across whole security product range
· Delivered a number of multiple unit contracts for the portable FlatScan system
· Repeat sales of standard industrial systems to existing customer
· Confirmed orders of £2.3m having opened the year with £1.2m and booked £1.1m of new orders in the year to date
Bill Mawer, Chairman and Chief Executive Officer of Image Scan, commented: "These results show positive improvement over the equivalent period in the prior year, and the growth in sales in the core portable X-ray market is particularly encouraging. Maintenance of that growth is dependent, in the short term, on the supply of a newly developed replacement portable x-ray generator, and, in the medium term, on the timely completion of new product development.
"Image Scan has a strong brand in its core markets; however, there is a need to accelerate product development in order to drive the business forward, both in terms of the competitive solutions we provide and our geographical reach. Our strategy will focus on supporting targeted growth in our R&D and sales activity with the aim of evolving Image Scan into a business that consistently delivers both top-line growth and bottom line profitability."
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