Image Scan in the black as sales rise

Image Scan has issued an update ahead of its results for the year ended 30 September showing sales of £3.3m (2015: £1.7m) at a gross margin of 42% (2015: 38%) and a pre-tax trading profit of approximately £0.1m (2015: loss of £0.64m).

Other key points:

- 75% of an order for ThreatScan-LS1 portable X-ray systems, previously announced on 30th June 2016, was delivered before year end

- In the final quarter of the period sales of portable X-ray systems were also made to customers in Europe, the Middle East and North Africa

- Government grant-assisted project to develop a new generation of portable X-ray systems reached prototype stage

- Industrial sales increased, driven by higher demand from key automotive industry customers

- Total order intake for the year of £4.3m

- Outstanding order book at the end of the period of £1.7m (2015: £0.67m)

- £1m cash balance at the end of the period (H1 2016: £0.53m)

Chairman and chief executive, Bill Mawer, said: "I am delighted by these results as they demonstrate how attractive our recently developed products are to the market and illustrate the significant advances we have made in the management of our supply chain and manufacturing processes.

"It is pleasing that both the security and industrial business activities have made progress in the year. Our strong order book and cash positions point to continued good performance in the short term while our strong product pipeline and the expanding customer base indicate a strong future for the company.

"This is an exciting time for Image Scan and the immediate task is to continue the momentum we have built up this year."

At 11:11am: (LON:IGE) Image Scan Holdings PLC share price was +0.38p at 6.88p