Image Scan Holdings PLC Trading Update (9716F)
February 27 2018 - 2:00AM
UK Regulatory
TIDMIGE
RNS Number : 9716F
Image Scan Holdings PLC
27 February 2018
27 February 2018
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 Annual General Meeting to be
held at 13:30 today.
Key Points:
-- Short term trading impacted by previously reported contract cancellation
-- Business trading in line with revised market expectations
-- Healthy order pipeline in security and industrial
-- Strong interest in portable X-ray systems at Middle East security show
-- ThreatScan2(R) compact precision detector panel to be launched at March exhibition
-- Launched integrated back pack system
-- New "combi system" with both compact and large format
detector panels launched and first orders achieved
-- Quality system certified to new international standard
On 1 February 2018, the Company announced that it was
negotiating cancellation terms for an export order valued at
approximately GBP1m for portable X-ray systems. That process
continues and the Board is hopeful this will be resolved before the
end of March and that this important customer relationship will
remain effective. Some of the units built for the cancelled order
have already been repackaged for other customers.
The order pipeline for both security and industrial units
remains healthy. The Intersec Exhibition in Dubai in January saw
strong interest in the product range from the entire region and new
orders have been received since the exhibition.
Technology from the grant supported Precision Linescan Detector
programme is being incorporated into a new range of detector
panels, known as ThreatScan2(R). The compact version is complete
and production has started. The new technology offers a four-fold
increase in display resolution compared to the previous range and
will compete directly with the more expensive Amorphous Silicon
technology used by some competitors. The new panel will be launched
at the Security and Counter Terror Exhibition in London's Olympia
in March.
A new "Combi" system, combining a single generator with both
compact and large format panels, a distinctive product in the
portable X-ray market, has been designed and first orders have been
received. This new system allows bomb technicians to react to the
widest possible variety of threat scenarios.
The Company's quality management system has been updated and in
December 2017, achieved certification against the important new
quality standard ISO 9001/2015.
The business is trading in line with revised market
expectations. As noted in the Company's trading update on 1
February 2018, FY18 sales are expected to be weighted towards the
second half. Whilst the Company expects to remain profitable over
the full financial year, due to the weighting of sales, the Board
expects to report a small loss in the first half.
Image Scan's Chairman and Chief Executive, Bill Mawer,
commented:
"As our product strategy for the Precision Linescan Detector has
evolved through the course of the project, I am very pleased to see
the results of this program reach the market in our new
ThreatScan2(R) detector panels. Other innovations such as the new
Combi system increase the value of individual orders and improve
differentiation from our competitors. As stated at the start of the
month, the cancellation of any order is disappointing, but I remain
confident in the competitiveness of our products and with the
future direction of the business."
At its Annual General Meeting to be held today at 13:30, 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 (Corporate Finance)
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(R) 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSEEFMMFASELE
(END) Dow Jones Newswires
February 27, 2018 02:00 ET (07:00 GMT)
Image Scan (LSE:IGE)
Historical Stock Chart
From Apr 2024 to May 2024
Image Scan (LSE:IGE)
Historical Stock Chart
From May 2023 to May 2024