RNS Number:9784P
Image Scan Holdings PLC
13 March 2008
13 March 2008
Image Scan Holdings plc
("Image Scan" or "the Company")
TRADING UPDATE
Image Scan, specialist in the field of real-time 3D and 2D x-ray imaging for the
'Homeland Security' and 'Industrial Inspection' markets, is pleased to present a
trading update to coincide with the AGM being held at 11am today.
In recent months, the Company has received positive commercial endorsements of
its technology, including a steady increase in the take-up of TPXi sales and
renewed interest in the AXIS-3D(R) system.
Over £541,000 of orders have been received in the financial year to date for
TPXi, the portable suspect package x-ray inspection system, including a repeat
order of £116,000 from the British Transport Police and orders totalling
£425,000 received through the Belgium-based distributor, ICM. This compares to
sales of less than £200,000 in the whole of the previous financial year.
Following the order for four AXIS-3D(R) baggage screening systems received in
November, Image Scan has been working closely with its Chinese distributor to
develop the second generation 3D technology. As a result, negotiations are
underway for a further significant contract subject to acceptance testing of the
new design. This will form the platform for further collaboration in the
Chinese market.
On the industrial side, the British Nuclear Group contract is close to
completion and is on target in terms of timescales and budget. Opportunities
for new orders are expected to arise from sales of the MDXi industrial
inspection system into Johnson Matthey and other catalytic converter
manufacturers, and from the development of new OEM relationships supplying
metrology equipment into systems integrators and equipment manufacturers. These
follow on and new sales will be limited in the current year, and this is
reflected in the Company's budget, but should provide prospects for repeat and
new product sales in subsequent periods.
The Company expects to be close to its targets for the first half of the year
and will start the second half with a bank balance of around £1.3m and a
confirmed order book of over £0.5m. Meeting targets in the second half of the
year will be dependent on early completion of the Chinese negotiations or
obtaining further orders for the TPXi. Industrial sales, whilst budgeted at
modest levels, will also need to be met. The Board will keep the overhead
structure under review in the light of how these order expectations arise in the
event.
Image Scan's CEO, Nick Fox, commented, "The prospects in China provide both a
challenge and a major potential opportunity for the Company. Provided the
further contract currently under discussion can be secured, then the Company
will be on target to achieve its objective of stabilising its financial position
through much improved trading."
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1664 503 600
Gilbert Chalk, Chairman
Nicholas Fox, CEO
info@ish.co.uk
Bishopsgate Communications Ltd Tel: +44 (0) 207 562 3350
Jenni Herbert
Seymour Pierce Tel: +44 (0) 207 107 8008
David Newton / Sarah Jacobs
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 industrial and security inspection markets. The company's
industrial inspection solutions include the MDXi unit and the X-Line systems.
The security portfolio includes a unique 3D baggage inspection system for
corporate and airport security and TPXi, a portable bomb and suspect package
detection system.
Current Technology Portfolio
The Company's portfolio currently comprises of the following x-ray inspection
systems: AXIS-3D(R); X-LINE; MDXi-400(TM); TPXi-675(TM); and the DEX(TM) x-ray
vision engine for OEM applications.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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