Last checked at 21 Feb 2017 07:00
21 February 2017
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
Image Scan, (AIM: IGE) specialists in the field of real-time X-ray imaging for the security and industrial inspection markets, provides a trading update ahead of its 2017 Annual General Meeting to be held at 13:30 today.
Key Points:
· Strong first quarter trading as remaining units from the large portable X-ray order were delivered ahead of schedule
· New orders received maintain orderbook of over £1m
· New compact detector panel developed - will be launched at Asian security exhibition in April 2017
· Precision Linescan Detector (PLD) scheduled for mid-year launch
· Following extensive trials, recent industrial customer selects MDXi400 to new plant
· Contract to further develop new techniques for scanning large industrial parts
The Company's manufacturing operations have continued to be busy with multiple portable X-ray units delivered ahead of the contract schedule in the three months to end December 2016. New orders have been received from customers in Europe and Asia, helping the company maintain a strong orderbook.
It was decided to accelerate development of a compact version of our detector panel, which has been designated Threatscan® LS3. A prototype has been designed and manufactured and the new product will be launched at the Milipol security exhibition in Singapore in April 2017 and demonstrations are being scheduled. The LS3 makes the superior imaging performance of the successful Threatscan® LS1 system available in a small format detector that can be deployed in a back-pack by mobile Explosives Ordnance Disposal (EOD) teams.
The Precision Linescan Detector (PLD), which is being developed with grant support and incorporates new technology from IBEX Innovations, is coming to the end of the development phase. Software integration is in progress and a second prototype is being built. This product is expected to launch in Mid-2017.
A key milestone in the industrial side of the business has seen a customer who has been carrying out an extended evaluation of our MDXi400 system procure a new system for operational deployment in a new manufacturing plant in eastern Europe. Following a successful initial customer funded development program, a contract to further develop new techniques for inspection of large automotive parts has been won.
Image Scan's Chairman and Chief Executive, Bill Mawer, commented: "I am pleased with the performance of the business in the first quarter of this year. Our manufacturing and supply chain operation continues to run smoothly, beating contract schedules. I am excited by our new compact detector, the Threatscan® LS3. The speed with which this has been developed is testimony to our modular approach to both hardware and software design. With the Precision Linescan Detector making good progress also, 2017 is likely to be a strong year for new products. At this early stage of the year the business is trading in line with market expectations."
At its Annual General Meeting to be held today at 1.30pm, the Board will give a brief presentation, a copy of which will shortly be made available on the Company's website www.3dx-ray.com. No new material information will be provided during the presentation.
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
William Mawer, Chairman
Sarah Atwell-King, Company Secretary
ir@ish.co.uk
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
Rick Thompson / David Foreman / Michael Reynolds (Corporate Finance)
David Banks / Alex Pollen (Sales)
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time X-ray solutions for use in the global Security and Industrial inspection markets. The Company's Security portfolio includes the ThreatScan® range of portable bomb and suspect package detection systems; the Axis range of baggage inspection systems; and SVXi, a small vehicle inspection system. The Industrial inspection solutions include the MDXi product range, cabinet X-ray systems for laboratories and production lines. The Company was founded in 1996 and joined AIM in 2002.
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