Last checked at 9 Oct 2012 07:00
09 October 2012
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, highlighting the trading position of the Company for the year ending 30 September 2012.
The Board anticipates turnover for the year ended 30 September 2012 at £4.0 million (2011: £2.2 million). Sales of security equipment have more than doubled to almost £3.0 million largely as a result of sales of the SVXi small vehicle x-ray inspection system during the year. Meanwhile industrial sales have increased by 38% to £1.1m due to the introduction of two new industrial products.
During 2012 the Company has been focused on developing further its product offering to meet market demand. Within the security range, the Company has secured multiple sales of its SVXi system and extended the AXIS baggage screening range to include the smaller AXIS-53 and the larger AXIS-100 systems. On the industrial side, the Company has developed an x-ray system applicable to the inspection of medical devices and extended the MDXi product range to include a smaller system suited to the inspection of petrol catalytic converters. As a result investment in research and development has been significantly higher than in previous years, providing the Company with a stronger product base from which to grow future sales. At the year end the order book was £609,000, all of which should be deliverable in the new financial year
The year end cash balance of £69,000 (2011: £945,000) is low by comparison to last year because the 2011 balance included £520,000 of upfront payments on a number of contracts, which were realised in the year ended 30 September 2012, whereas in 2012 there are significant debtor balances relating to September sales against which £350,000 has been received since the year end. The Company maintains an overdraft facility of £100,000 with the Royal Bank of Scotland.
Image Scan's CEO, Louise George, commented, "The Company has invested heavily in research and development in order to establish the necessary breadth of products from which to secure future sales. In doing so the Company continues to move away from one-off projects and towards repeat sales of standard equipment. Image Scan is looking to develop further its product range in respect of vehicle screening and medical devices over the coming financial year."
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
Brian Emslie, Chairman
Louise George, CEO
ir@ish.co.uk
Seymour Pierce Tel: +44 (0) 207 107 8000
Tom Sheldon (Corporate Finance)
Richard Redmayne (Corporate broking)
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time 3D and 2D x-ray solutions for use in the global security and industrial inspection markets. The Company's security portfolio includes the Axis-3d® and Axis-2d baggage inspection systems for corporate and airport security; FlatScan-TPXi, a portable bomb and suspect package detection system; and SVXi, a small vehicle inspection system. The industrial inspection solutions include the MDXi and the DEX systems.
For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com