The AIM-listed specialist supplier of real-time 3D and 2D x-ray screening systems to the security and industrial inspection markets, Image Scan, announced its interim results for the six months ended 31 March 2013.
Financial summary:
· Revenue of £1,072,000 (2012: £1,760,000)
· Gross profit margin of 42% (2012: 37%)
· Normal overheads of £715,000 (2012: £653,000)
· Exceptional costs of £137,000 (2012: £nil)
· Loss after taxation of £390,000 (2012: Profit £6,000)
· Period end bank balance of £138,000 (2012: £122,000)
Post period end events:
· Orders since the period end exceed £1.5m including:
o Repeat sales of SVXi, small vehicle x-ray inspection systems
o Multiple unit FlatScan-TPXi sale into the Middle East
o Sales of MDXi, industrial inspection systems to a new European customer
· Total new orders for year to date of £2.3m (2012: £2.1m) having opened with £0.4m (2012: £2.1m) giving cumulative orders in current financial year of £2.7million
· Ian Johnson to step down as non-executive director
Brian Emslie, Chairman of Image Scan, said: “Having become profitable within the last 18 months, the loss reported in the interim results is particularly disappointing. This has occurred partly due to the flow of orders during the year being unevenly phased, with orders intake during the last three months of £1.5m being double that of the previous six. In addition an exceptional loss of £112,000 on the latter stages of the nuclear contract has been realised within the period. In the light of the first half trading performance and the repositioning of the Company towards standard product sales where costs can be better controlled, the Board has revisited the level of resourcing required and has restructured the business
Link to full announcement: http://www.investegate.co.uk/image-scan-holdings–ige-/rns/half-yearly-report/201306200700054194H/
