Trading Update
17 March 2011
Image Scan Holdings plc
("Image Scan" or "the Company")
TRADING UPDATE
The Board of Image Scan, specialists in the field of real-time 3D and 2D x-ray imaging for the 'Homeland Security' and 'Industrial Inspection' markets, is pleased to present a trading update to coincide with the AGM being held at the offices of Seymour Pierce Limited, 20 Old Bailey, London EC4M 7EN at 11am today.
The security sector has represented the majority of sales in recent years, with the increased efforts of an enlarged sales team actively working both the UK and overseas territories through agents and distributors in promoting the company's security systems starting to produce a steady stream of orders. Current year security order intake of £400,000 includes sales of the portable large panel FlatScan-TPXi x-ray screening system and the recently launched smaller panel version, FlatScan-15, into Europe, Asia and the Middle East.
Following two years of little activity in the industrial sector, industrial orders received in the current year total £1,160,000 and include two nuclear contracts with a combined value of £830,000, the sale of two MDXi-NT industrial inspection systems and the extension of the Catspect software development project with a major automotive sector supplier. It is a credit to the Company's strong historical relationships with key customers in these sectors in securing these significant contracts.
Of the £90,000 order book brought forward and £1,560,000 current year order intake, approximately £1,250,000 is expected to be deliverable in the current financial year, giving the Company visibility on revenue equivalent to 85% of the prior full year revenue.
The current cash balance is £173,000 and the Company has a £100,000 overdraft facility with the Royal Bank of Scotland.
Image Scan's CEO, Louise George, commented, "The Company's strategy is to develop its portfolio of standard security products so as to be able to offer a family of portable and baggage screening systems suitable to a wider range of applications. Meanwhile the Company will continue to work within the industrial and nuclear sectors where it has key expertise, a proven track record and the probability of repeat business is high."
-ENDS-
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1664 503 600
Brian Emslie, Chairman
Louise George, CEO
Seymour Pierce Limited Tel: +44 (0) 207 107 8000
Sarah Jacobs / John Cowie
Paul Jewell (Corporate Broking)
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time 3D and 2D x-ray solutions for use in the global security and industrial inspection markets. The Company's security portfolio includes the Axis-3d® and Axis-2d baggage inspection systems for corporate and airport security; FlatScan-TPXi, a portable bomb and suspect package detection system; and SVXi, a small vehicle inspection system. The industrial inspection solutions include the MDXi and the DEX systems.
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