Image Scan Holdings PLC Trading Update (2004R)
27 February 2019 - 6:00PM
UK Regulatory
TIDMIGE
RNS Number : 2004R
Image Scan Holdings PLC
27 February 2019
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.
27 February 2019
Image Scan Holdings plc
("Image Scan" or the "Company")
Trading Update
Image Scan (AIM: IGE), the specialist supplier of X-ray
screening systems to 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:
-- Renewed focus on organic growth following lack of shareholder support for an acquisition
-- Sales behind management expectations at the end of H1 due to
contract delays with international Government customers but are
expected to recover during H2 to meet expectations for the full
year
-- Healthy opportunity pipeline continuing to grow in both security and industrial
-- New product development programme well underway targeted at new security product sector
-- Discussions progressing to expand product range through
partnership with other X-ray companies
An organic growth plan has been developed with the short-term
goal of returning the Company's performance to the level achieved
in FY 2017 and to develop a sustainable platform for long term
growth. This plan is driven by new initiatives to expand both the
Company's product range and its market access.
In addition to sustaining the pace of innovation in its portable
X-ray products, the Company has started a project, based on the
Company's existing range of technologies, to develop a new security
X-ray system, designed for a similar but different group of
customers from the bomb squads at whom the portable range is
targeted. Discussions are advancing to further broaden the product
range through partnership with other security technology
companies.
Significant new channel partners have been appointed in South
America and Europe and these are managed by the recently appointed
sales manager. A tour of South America produced a strong pipeline
of opportunities.
Government procurement processes are lengthy and not always
predictable in their timing and sales intake is running behind
management expectations for the half year. However, with customer
decisions due on several significant projects, the level of
activity is expected to increase in the second half and the Company
expects to achieve market expectations for the full year.
Image Scan's Chairman and Chief Executive, Bill Mawer,
commented:
"We are now moving forward rapidly with our recovery plan with
the short-term aim to drive strong organic growth, diversifying our
sources of revenue to deliver sustainable performance improvement
and renew shareholder and investor confidence to the point where
growth by acquisition can again be contemplated."
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 / Will Goode (Corporate Finance)
Caspar Shand Kydd (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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTVQLFLKLFLBBF
(END) Dow Jones Newswires
February 27, 2019 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