Image Scan, the AIM-listed specialist supplier of x-ray screening systems to the security and industrial inspection markets, announced its interim results for the six months ended 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:
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, said: “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.”
