4 April 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")
Image Scan (AIM:IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets is pleased to provide this trading update for the first half of FY18.
The Company has reached an agreement for the terms of the order cancellation announced in January 2018 and is pleased to report that all the portable X-ray units from this order have been repackaged and sold to other customers in Europe and Asia. Separately a new sales initiative into South America has delivered its first results with a new multi-unit order from a region with good growth opportunities. The Company also saw strong customer interest in the new, high performance ThreatScan2® at the Security and Counter Terror Exhibition in London's Olympia in March 2018 and customer demonstrations are now taking place in several territories.
In addition to its security systems, Image Scan provides its MDXi range of industrial X-ray inspection systems to manufactures of catalytic converters and diesel particulate filters in the automotive industry. Orders have been received for a total of five MDXi 400 systems, to be installed in catalytic converter plants in Asia and Europe. It is expected that these units will be delivered in the second half of FY18. Service contracts will also be established for all the new units.
The business is trading in line with market expectations for the year end and the Board now expects the Company to perform at close to break even for the first half of FY18.
Image Scan's Chairman and Chief Executive, Bill Mawer, commented:
"I am pleased that we have now put the cancelled portable X-ray order behind us, recycling those units to other customers. The level of interest in our new, high precision detector is promising and we have several units in demonstration and trial programmes. The new industrial orders show continued confidence in Image Scan and our products from global industrial companies in the automotive industry. It is relatively rare for us to be building more than one MDXi system at a time, so to have five systems going through the factory in one batch will allow us to benefit from supply chain and manufacturing efficiencies."
The Company will announce its Interim results on 30 April 2018.
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
William Mawer, Chairman
Sarah Atwell-King, Company Secretary
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
Rick Thompson / David Foreman (Corporate Finance)
Alex Pollen / 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® 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.
This information is provided by RNS
Quick facts: Image Scan Holdings Plc
Market Cap: £3.14 m
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