Image Scan Share Discussion Threads

[vasilis] 14/12/2016 11:05

From my experience, if you have a development project 'mile-stoned' over a particular period of time you would aim for a working prototype by the end of that period.

On that basis, the development framework announced in July 2015 was for a 12 month period, so at the end of that period, ie July 2016, you would expect the prototype. Add on say 6-9 months for customer testing/tweeking/approval and getting to production, you are talking about January 2017 (very earliest in my view) to March/April 2017 (more realistic) for first deliveries.

If this month we learn that the launch is only 'later in the year' after February 2017 then in theory that could be anywhere from March 2017 - December 2017. I think the point that columbarius is perhaps indirectly pointing out is that any 'delay' will affect the financial performance for 2016 - 2017 since once you go beyond say, July 2017 then by definition there will be no actual contribution to the Year End Accounts as at September 2017. On that basis it is important to know exactly when is the anticipated launch date as there is a potential financial impact.

I should say that having bought in at much lower prices on the strength of new management and new offerings I have no intention of selling at the moment as there is much more to come over the next two years in my view. Nevertheless, with AIM companies in particular I find it pays to look very carefully and with a cold detached eye at the actual detail in statements - or lack of detail as the case may be.

[owenski] 13/12/2016 18:20

Cant particularly read anything from that Proactive Webcast or recent results that suggests delays. Mentions product development and launch for 2017.

Either way its developed and being trialled with market launch for later in 2017.

Considering the success here and turnaround under the new CEO the criticism about the company seems unwarranted.

Outlook statements particularly read very encouraging.

Just telling it as it is.

[gnnmartin] 13/12/2016 17:38

"The development project is planned to take 12 months" is not the same as "we expect to market the product in 12 months". Could be they have taken longer than they expected, but not necessarily.

[vasilis] 13/12/2016 15:58

columbarius

Many thanks for your reply and information.

I can assure you that mine was a genuine inquiry - I've been around on ADVFN longer than most - and when I don't know I ask. As the old saying goes, 'if you don't ask....'

Anyhow, thanks again for info. Appreciated.

[columbarius] 13/12/2016 15:39

The usual pompous response. Unlike some on here I tell it as it is. For a start you neglected the trading update on 23rd February 2015.
"The Precision Linescan Detector (PLD) project, which is assisted by a UK Government grant of £104k, is on schedule and a first quarterly review was completed successfully with Innovate UK, the funding body."

So the latest the project started was mid November 2015 because we know from the award announcement of 29th July 2015 that
"The development project is planned to take 12 months" and a quarter of 12 months is 3 months.

So it should have completed mid November at the latest if it had stayed on schedule. This is backed up by Bill Mawer in his stocktube interview of 22nd April available to view on proactive investors. 8'40" in he's asked what he's excited about over the next 6 months. It's getting new products to market and he expects the new detector to be ready at the end of the year. The launch is now expected "later in 2017".
Hope that helps. I made my profit here and will leave you to it.

[monty68] 13/12/2016 14:46

Could we please refrain from slagging one another off, it is SO boring

[vasilis] 13/12/2016 14:31

columbarius

I would be grateful if you would enlighten further on your statement regarding 'the Precision Linescan Detector project delay.'

From my info the project was RNS'd on 8 December 2015 with no specific timescales as follows :-

'Looking for further ways to differentiate and enhance our portable X-ray systems, we formed a relationship with Ibex Innovations, a University of Durham spin-off with unique X-ray detection technology. This led to a successful bid for a SMART grant award from Innovate UK, a UK Government body that supports innovative product development in small companies. The award is worth GBP104k. The project aims to incorporate the Ibex technology into a modified version of our new detector panel to produce a product we are calling the Precision Linescan Detector.'

On the 19th April 2016 the following statement from the Interim results :-

'Discussions with current and potential customers support the requirement for the Precision Linescan Detector and we remain confident that this system will do well following its anticipated launch in financial year 2017.'

And on 6 December 2016 this from the Prelims :-

'For markets where even higher performance is required, the Company is developing a Precision Linescan Detector using unique detection and image processing technology licensed exclusively to Image Scam from Ibex Innovations, a Durham University spinoff. The project is supported by a grant from Innovate UK, the first time the Company has had such a grant. A prototype has been produced and is demonstrating both exceptionally clear images and excellent materials discrimination. The grant completes in February 2017 and the system will be launched later in the year.'

Therefore the RNS of 19 April does not specify anything other than an 'anticipated launch in financial year 2017' and the 6 December RNS refers to the offering being launched 'later in the year [2017]'. On what published evidence do you base your statement that the Precision Linescan Detector is 'delayed'?

[columbarius] 13/12/2016 13:31

Well, well corporal Jones has deserted. I notice none of the usual suspects commented on the Precision Linescan Detector project delay. Still, what should one expect of tax dodgers and their associates?

[rhomboid] 11/12/2016 05:16

I've a tiny less than 0.1% holding as a place marker so I don't miss price movements and RNS announcements, I think the turnaround story is potentially interesting but illiquidity means I don't want to be locked in until it becomes more established, I'd rather miss the first part of any rise than be parked up here

[amt] 06/12/2016 19:47

Yes the expensive slant has been put on it by looking back instead of forwards. Nothing is guaranteed when investing in a potential multibagger but at least at this level the downside should be very limited and the upside is multiples of existing SP

[assagai] 06/12/2016 17:58

Well I suppose everyone's idea of a fair valuation is bound to be subjective and linked to personal outcome desires. Personally I don't believe the valuation is necessarily over blown at all. Firstly we are an emerging tech company ( 20 years in the infant stage!) and forward PE's in this environment can often range in the 20-50 X earnings range. Secondly we are clearly making strong progress on all fronts and likely to expand further reading the reports. Granted the profit was only £100k but it WAS a profit and that stands us apart from a considerable portion of the AIM tech market. I believe we made one years ago on a smaller turnover but not significant.

Just about all of the major earnings came in the last quarter by the looks of it so one quarter supporting the whole year, yet a profit. I would expect to see ( assuming we do actually move forward and into new markets) that this momentum will be maintained. An share price in a year or two in the 15 to 20p range would be a reasonable outcome in that case, not forgetting that IGE remains a tasty snack for a larger player . I hope that does'nt happen until we are matured if it happens at all. All IMHO

Interesting that the expensive slant has been applied after results are known and not before when we were testing 8.5p....

[clocktower] 06/12/2016 13:34

Well done gnnmartin. As you say a little caution at this time looks a good course of action.

[hatey] 06/12/2016 13:01

Looks expensive to me.

£8 mil cap..£100k profits on £3.3 mil of sales but the order book is GBP1.7m so unless
they make up a load of new orders where is the profit coming from.

Not that I know this stock well but even if it made your 1 million profits it seems
to be priced in after a strong run.

[gnnmartin] 06/12/2016 12:09

I surprised that I am the first to comment on the results, not that have much to say. The prospects depend on whether the big orders in the second half are exceptional, or an indication of what we can expect. If the latter, then a profit of £1m looks achievable, with growth thereafter. But caution is perhaps advisable.

I look forward to the AGM.

PS. Ah! I see a long dormant IGE thread has woken up, and there are posts there today.

[amt] 06/12/2016 07:50

Yes very bullish both short and longer. I have pencilled in 6m sales for this year as a base. So profit of about 1m. Pe of 15 and target share price of 12p. Guesswork but still shows the potential.

[philjeans] 06/12/2016 07:39

bullish comments from the first half report about future sales should see this climbing back to 10p - not much stock about.

[owenski] 06/12/2016 07:25

Will re-read the results again later but first read is quite impressive, this is a transformed company with a profitable future. Outlook statements are very positive.

[vasilis] 22/11/2016 12:48

Detection Technologies - published their unaudited results a month ago -

They clearly had a very good 2016, particularly in China, and from IGE's earlier trading statement a good performance is also expected. However, Detection's comments re 2017 saying that sales will level off and competition tighten are interesting.

So what will be IGE's outlook for 2017?

[assagai] 22/11/2016 12:32

Hi Sarah, not sure we will learn much more before results unless fine tuning has helped the profit a bit further. Anyway we are on the way it seems.

[columbarius] 22/11/2016 11:43

Where's your gang gone? Tied up with HMRC? Another bad week for tax dodgers.

[sarahbudd] 21/11/2016 12:45

Anyone reckon worth buying pre results Dec?

[sarahbudd] 24/10/2016 09:33

So...that was the kiss of death then :-(

[sarahbudd] 20/10/2016 08:27

Youve got to wonder whether theres a bid in the offing? Great to see this..