update27 Feb 2013 20:30
27 February 2013
Image Scan Holdings plc
("Image Scan" or "the Company")
TRADING UPDATE
The Board of Image Scan, specialists in the field of real-time 3D and 2D x-ray imaging for the Security and Industrial Inspection markets, today provides shareholders with a trading update to coincide with the AGM being held at the offices of Seymour Pierce, 20 Old Bailey, London EC4M 7EN at 11am today.
In recent years, the Company's strategy has been focused on broadening the product range in response to market demand. On the back of increased revenue in 2012, the Company was able to invest almost £400,000 into product development. Within the Security range, this gave rise to a small vehicle screening system, and extensions to the baggage screening range. On the Industrial side, the product range was extended to include a smaller system suited to the inspection of petrol catalytic converters, and another for the inspection of medical devices, thus extending the Company's reach to address new applications. These developments are regarded as a significant step towards delivering the platform from which to grow the business.
The Company has £1.1m of cumulative orders in the current financial year having started the year with an order book of £417,000 and booked a further £728,000 of new orders in the first 5 months. Year to date order intake exceeds that of the same period last year by 39%. Sales of the FlatScan portable security system continue to reach new customers and into new territories. Meanwhile, important repeat sales of the MDXi industrial inspection systems are providing the basis for greater opportunities.
The current bank balance stands at £166,000 and the Company remains debt-free. The Company continues to manage costs tightly and, where possible, secures stage and advance payments in order to manage ongoing working capital requirements. Image Scan maintains an overdraft facility of £100,000 with the Royal Bank of Scotland.
Image Scan's Chairman, Brian Emslie, commented, "Whilst there has been an improvement in new order intake in the year to date across both sectors, the Board is mindful that the Company is still dependent on securing one or two significant contracts to achieve profitability in the current financial year. The Board would like to thank shareholders for their continued support."
Sign In
Follow the stocks
