Contract Win and Further Trading Update
18 September 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
IMAGE SCAN HOLDINGS PLC
("Image Scan" or the "Company")
Contract Win and Further Trading Update
Image Scan (AIM:IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets is pleased to announce the award of a substantial security X-ray contract and provides a further trading update for the financial year to 30 September 2019.
The new contract, which is worth in excess of £800,000, is to provide Image Scan's ThreatScan® portable X-ray systems to a security organisation of a European country. ThreatScan® allows bomb technicians to perform rapid and accurate threat assessment in a wide range of operational scenarios. A system consists of a portable X-ray generator, a detection panel and an operator's workstation running the Company's market leading image processing software, together with a customer specific range of ancillary equipment.
The new contract is expected to be delivered in the first half of financial year ending 30 September 2020 and so will not impact the sales and profits performance for the year ending 30 September 2019. As previously reported, security sales were disappointing in the third quarter and the business will make a loss in FY 2019. The loss is the expected to be in the region of £400,000.
Image Scan's Chairman and Chief Executive, Bill Mawer, commented: "This was an excellent win from a demanding customer against stiff competition and gives us confidence in the competitiveness of our portable X-ray systems in a crowded market. We look to win further security orders of this type in the new year and, in the last week, have been demonstrating our equipment at the DSEI show in London in support of that aim.
Our overall performance for the current financial year has been disappointing and we look to our extensive sales and product development initiatives to drive improved performance in FY 2019/20."
The Company will provide a pre-close statement on its results for the year to 30 September 2019 in October 2019.
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 / Will Goode (Corporate Finance)
Caspar Shand Kydd (Sales)
The person responsible for arranging the release of this announcement on behalf of Image Scan is William Mawer.
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.
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