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Image Scan expects to turn 'small' interim loss into full year profit
Real-time X-ray imaging business Image Scan said it expected to report a small profit for the full year despite the short-term disruption to trading from a previously announced contract cancellation.
Ahead of its AGM on Tuesday, Image Scan warned that sales were likely to be weighted towards the second half of the year, and while it does expect to remain profitable over the full financial year, the board expects to report a "small loss" in the first half.
Earlier in February, Image Scan announced that it was negotiating cancellation terms for an export order valued at approximately £1m for several portable X-ray systems, the firm advised on Tuesday that the process was ongoing and that it was "hopeful this will be resolved before the end of March". Some of the units built for the cancelled order had already been repackaged for other customers.
Image Scan said its order pipeline for both security and industrial units "remains healthy," after it saw strong interest in its product range at the Dubai Intersec Exhibition back in January, with customers from the entire region placing new orders.
Chairman and chief executive Bill Mawer, said, "As our product strategy for the Precision Linescan Detector has evolved through the course of the project, I am very pleased to see the results of this program reach the market in our new ThreatScan2 detector panels. Other innovations such as the new Combi system increase the value of individual orders and improve differentiation from our competitors."
Mawer said the order cancellation was disappointing, but he remained "confident in the competitiveness of our products and with the future direction of the business".
As of 1000 GMT, shares had lost 6.96% to 5.35p.
Ahead of its AGM on Tuesday, Image Scan warned that sales were likely to be weighted towards the second half of the year, and while it does expect to remain profitable over the full financial year, the board expects to report a "small loss" in the first half.
Earlier in February, Image Scan announced that it was negotiating cancellation terms for an export order valued at approximately £1m for several portable X-ray systems, the firm advised on Tuesday that the process was ongoing and that it was "hopeful this will be resolved before the end of March". Some of the units built for the cancelled order had already been repackaged for other customers.
Image Scan said its order pipeline for both security and industrial units "remains healthy," after it saw strong interest in its product range at the Dubai Intersec Exhibition back in January, with customers from the entire region placing new orders.
Chairman and chief executive Bill Mawer, said, "As our product strategy for the Precision Linescan Detector has evolved through the course of the project, I am very pleased to see the results of this program reach the market in our new ThreatScan2 detector panels. Other innovations such as the new Combi system increase the value of individual orders and improve differentiation from our competitors."
Mawer said the order cancellation was disappointing, but he remained "confident in the competitiveness of our products and with the future direction of the business".
As of 1000 GMT, shares had lost 6.96% to 5.35p.
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Image Scan Holdings (IGE) share price |
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