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Pin to quick picksImage Scan Holdings Regulatory News (IGE)

Share Price Information for Image Scan Holdings (IGE)

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Trading Statement

22 Feb 2022 07:00

RNS Number : 3396C
Image Scan Holdings PLC
22 February 2022
 

22 February 2022

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Image Scan Holdings plc

("Image Scan" or the "Company")

 

Trading update ahead of AGM

Image Scan, (AIM: IGE) specialists in the field of real-time X-ray imaging for the security and industrial inspection markets, provides an update ahead of its Annual General Meeting being held later today.

Key points:

· New portable X-ray system launched at Dubai security show

· Image Scan appointed global distributor for Serstech AB

· Portable X-ray sale to US Federal agency

· Change of board roles from 1 January

· Trading continues to be impacted by COVID-19

· Company will be loss-making for the first half of the financial year

· Board considers the loss may not be recovered by end of the financial year

 

 

The new ThreatScan®-AS1 fully integrated portable X-ray system, together with a new, high energy, X-ray generator, was launched at a Dubai security exhibition held in January and there were encouraging levels of interest from both customers and trading partners. Manufacturing of the first batch of production units is about to start, and some of these will be used as demonstrators by our sales team and international sales partners. The first sale of a portable X-ray system to a US Federal agency was an important milestone in our targeting of the North American market.

 

Sales of the Company's industrial scanners continue to be impacted by disruption in the automotive industry, where both customer demand and global supply chains have been adversely affected by COVID-19. However, the Company recently received an order for a new machine and has been performing trial inspections of parts for a potential new customer in the same industry. As part of its diversification plan, trial inspections of parts for a fuel cell company have also been carried out.

 

Initiatives to further expand the footprint of the Company included entering into a distributor agreement with Serstech AB, under which we are taking their sophisticated, hand-held chemical analysers to the global security market.

 

As part of the Board's succession plan, Vincent Deery was appointed as Interim CEO on 1 January 2022. William Mawer now performs the role of Executive Chairman.

 

In the first half of FY22, COVID-19 has continued to impact customer spending, the operation of our sales and service functions, our international supply chain, and our staff. Orders have been delayed, causing the momentum built up in the second half of FY21 to stall. This is now expected to result in the Company making a significant loss for the first half.

 

The result for the year as a whole was, and still is, expected to be second half weighted but while we have a strong pipeline of orders across many parts of the world, the timing of those orders is hard to predict in the current environment, and the Board therefore believes it is unlikely that the second half will be sufficiently strong to enable the Company to fully recover the first half loss.

 

Bill Mawer, Chairman and Chief Executive Officer of Image Scan commented: "It is disappointing that our order intake has stalled in the first half of the year. While international travel for trade shows and demonstrations is still limited, we have a healthy pipeline of new business. However, it will take some time for that business to come through. Together with the loss of COVID-19 Government support mechanisms, this gives us less confidence in our original expectation for the current financial year. The positive response to the launch of our new products gives us confidence for the longer term but, in the continuing, challenging environment, it has to be expected that it will take a while for order levels to recover."

The Company's Annual General Meeting, which will take place on 22 February at 13.30. It will be a hybrid meeting, with options for attendance at its Barrow-upon-Soar facility and on-line. The Board will make a brief video presentation available on the Company's website www.3dx-ray.com immediately after the AGM.

The Company will provide further detail in its interim results in April 2022.

-ENDS-

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

 

Enquiries:

Image Scan Holdings plc

William Mawer, Executive Chairman

Sarah Atwell King, Finance Director and Company Secretary

Tel: +44 (0) 1509 817 400

ir@ish.co.uk

W H Ireland - Nominated Adviser and Broker

Mike Coe/Sarah Mather

Tel: +44 (0) 207 220 1666

 

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Date   Source Headline
2nd Oct 200810:45 amRNSEPT Disclosure
30th Sep 20087:00 amRNSPre-Close Trading Update
30th Jun 20087:00 amRNSCollaboration with British Tr
9th Jun 20087:00 amRNSInterim Results
3rd Apr 20087:00 amRNSMultiple New Contract Wins
13th Mar 200812:18 pmRNSAGM Statement
13th Mar 20087:00 amRNSTrading Update
31st Jan 20087:00 amRNSPreliminary Results
30th Nov 20074:33 pmRNSNew Chairman Appointed
29th Nov 20077:00 amRNSGrowing Demand Lifts Sales
14th Nov 20077:01 amRNSDirectorate Changes
12th Nov 20077:00 amRNSIssue of Shares
7th Nov 200710:02 amRNSHolding(s) in Company
5th Nov 20077:00 amRNSBoard Change
25th Sep 20077:02 amRNSContract win
13th Sep 20077:00 amRNSPre-close Trading Update
16th Aug 20073:13 pmRNSRule 26 Website
26th Jul 20071:00 pmRNSBoard Change
25th Jun 20077:01 amRNSHolding(s) in Company
21st Jun 20077:00 amRNSHolding(s) in Company
18th Jun 20079:14 amRNSHolding(s) in Company
14th Jun 20073:06 pmRNSEGM Statement
21st May 200712:22 pmRNSChange of Adviser
21st May 200712:18 pmRNSShare Placing/Trading update
21st May 200712:10 pmRNSInterim Results
20th Apr 200710:05 amRNSDirector/PDMR Shareholding
23rd Mar 200712:00 pmRNSResult of AGM
27th Feb 20077:01 amRNSHolding(s) in Company
15th Jan 20077:00 amRNSFinal Results
21st Dec 20067:00 amRNSHolding(s) in Company
14th Dec 20067:01 amRNSHolding(s) in Company
12th Dec 20068:00 amRNSTotal Voting Rights
14th Nov 20067:01 amRNSTrading Statement
13th Dec 20057:00 amPRNFinal Results
1st Nov 200512:00 pmPRNDate of Preliminary Results
1st Nov 200512:00 pmPRNDate of Preliminary Results
21st Oct 20056:00 amPRNNew Rapiscan Agreement
3rd Oct 20059:00 amPRNIssue of Options
13th Sep 20056:00 amPRNRe Contract
12th Aug 20056:30 amPRNRe Contract
29th Jul 20054:44 pmPRNDirectorate Change
5th Jul 20052:30 pmRNSSAR 5 - Image Scan-Replacemnt
1st Jul 200512:20 pmRNSSAR 5 - Image Scan Holdings
3rd Jun 20059:40 amPRNHolding(s) in Company
1st Jun 20056:30 amPRNInterim Results
31st May 20059:39 amPRNDirectorate Change
17th May 200510:15 amRNSLicensing Agreement
27th Apr 20052:29 pmRNSDirectors Shareholding
26th Apr 20052:15 pmRNSPlacing and Open Offer
26th Apr 20057:00 amRNSAGM and EGM Statement

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