Shares in Image Scan Holdings PLC (AIM:IGE) dropped 22% on Tuesday after the X-ray screening specialist posted a sharp fall in first-half revenue and warned of ongoing uncertainty due to contract delays and geopolitical headwinds.
Revenue for the six months to 31 March fell to £350,000 from £1.06 million a year earlier, with order intake down 72% to £315,000. The company reported a pre-tax loss of £422,000, more than triple the loss in the same period last year.
Chief executive Vince Deery described the performance as “disappointing”, attributing the shortfall to continued delays in a major defence contract and sluggish customer decision-making amid geopolitical instability.
The company ended the period with a bank balance of £512,000 and an order book of £4.7 million. It highlighted a £300,000 post-period order in Australasia as validation of its new product strategy but acknowledged that timing issues still cloud its outlook for the full year.
The stock fell 0.36p to 1.29p.