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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Image Scan Holdings Plc | LSE:IGE | London | Ordinary Share | GB0031410581 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 1,881 | 07:30:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Photographic Equip & Supply | 2.96M | 124k | 0.0009 | 13.33 | 1.64M |
From Apr 2023 to Apr 2024
TIDMIGE
RNS Number : 4309X
Image Scan Holdings PLC
26 April 2023
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
26 April 2023
Image Scan Holdings plc
("Image Scan", the "Company" or the "Group")
INTERIM RESULTS
Image Scan, (AIM: IGE) specialists in the field of X-ray imaging for the security and industrial inspection markets, today announces its interim results for the six months ended 31 March 2023. The previously reported stronger momentum that was evident through trade shows and demonstrations has resulted in an improved performance compared to the same period last year.
Financial summary:
-- Order intake increased by 81% to GBP1,858k (H1 2022: GBP1,029k) -- Revenue was 85% higher at GBP1,459k (H1 2022: GBP790k) -- Gross profit margin of 48% (H1 2022: 52%) -- Profit before taxation of GBP16k (H1 2022: loss of GBP345k) -- Period end bank balance was GBP1,003k (H1 2022: GBP777k) -- Period end orderbook of GBP1,116k (H1 2022: GBP721k)
Operational highlights:
-- Large volume portable X-ray system order delivered to a Spanish security customer
-- Customer deliveries and satisfaction maintained by effective management of supply chain challenges
-- Research and development effort focussed on developing high end portable products, taking advantage of grant funding support.
-- Attended Middle Eastern regional trade show with valuable support from DIT Internationalisation Fund
-- Global activity recovering after a covid hiatus, demonstrated by contracts from territories including Democratic Republic of Congo, Togo, Brazil, and Columbia
Vince Deery, Chief Executive Officer of Image Scan commented: "We are pleased with the financial results for the first half of the year and our operational highlights demonstrate our continued commitment to delivering high-quality products and services to our customers.
The half year performance demonstrates a substantial improvement over the same period last year with the higher levels of activity reported at the commencement of the financial period successfully converted into contracts and delivery of product to customers. The decline in margin reflects the product mix and pressures of the global economic conditions. With careful cost management and continued improved market activity and product innovation we hope to maintain the momentum to deliver a full year in line with market expectations.
As part of the Board's succession plan , Dr Richard Leaver has stated his intention to resign as Vice Chairman and will leave the Board at the end of the financial year. On behalf of the Board, I would like to thank Richard, and acknowledge his dedication, support, and guidance to the Company over the years of his valuable service . "
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 Enquiries: Image Scan Holdings plc Tel: +44 (0) 1509 817 Vincent Deery CEO 400 Sarah Atwell King, CFO and Company Secretary ir@ish.co.uk W H Ireland - Nominated Adviser and Broker Tel: +44 (0)20 7220 Mike Coe/Sarah Mather (Corporate Finance) 1666
CEO's statement
Introduction
Image Scan Holdings plc is a specialist in innovative X-ray technology, operating globally in the security and industrial inspection sectors. The Company's principal activity is the design, manufacture, and supply of both portable and fixed X-ray security screening systems to governments, security organisations and law enforcement agencies. The Company also supplies high-quality screening systems used in the manufacture of catalytic converters and diesel particulate filters.
Financial results
Order intake for the first six months ended 31 March 2023 ("H1 2023") increased by 81% to GBP1,858k (H1 2022: GBP1,029k). Revenues increased by 85% to GBP1,459k (H1 2022: GBP790k). Gross margin on those revenues was at 48% (H1 2022: 52%), the reduction due to the mix of products sold and global inflationary pressures.
Operating expenses decreased by 8% to GBP688k (H1 2022: GBP749k), reflecting organisational changes and the successful award of a number of grants made within the year.
The overall effect of increased sales coupled with reduced overheads led to a pre-tax profit of GBP16k in H1 2023 (H1 2022: loss of GBP345k).
Stock decreased to GBP569k (H1 2022: GBP581k; Sept 22 GBP629k).
The Company finished H1 2023 with an order book of GBP1,116k (H2 2022: GBP721k) and a cash balance increase to GBP1,003k (H1 2022: GBP777k FY22 GBP690k) putting the Company in a stronger position for H2 2023.
Overview
The improved sales reflect the previously reported higher activity levels in the marketplace. We hope these levels continue, which combined with our cost control and organisational changes will assist the Company to deliver according to market expectations. The improved GBP1,116k order book will be largely delivered in this financial year.
Careful attention has been paid to costs and stock levels to ensure the correct balance is struck between satisfying customer lead time and managing cash reserves, this will continue in the second half. The ongoing difficult economic outlook and inflationary pressures will continue to impact margins.
The product development program continues to focus on additional options for the higher precision portable X-ray imaging systems and has been supported financially by a number of grant awards.
Organisational change
Internal restructuring has taken place over the period which has been executed with pleasing levels of staff engagement and support.
As part of the Board's succession plan , Dr Richard Leaver has stated his intention to resign as Vice Chairman and will leave the Board at the end of the financial year. The Board would like to thank Richard, and acknowledge his dedication, support, and guidance to the Company over the years of his valuable service.
Outlook
The increased level of foot fall at security trade shows globally and the improved level of demonstration activity by our sales team and the partner network builds confidence that the improvement in the business shown in the first half can continue into the second half.
Some Asian territories disappointingly have yet to recover to the levels of business we have experienced previously, however, with the wider demonstration and introduction of the higher value ThreatScan(R)-AS1 product going well, we are anticipating trading in line with market expectations for the year.
Vince Deery
Chief Executive Office
26 April 2023
Consolidated income statement
For the six months ended 31 March 2023
Hot Features
Premium
Six months Six months Year ended
ended ended 30 September
31 March 31 March 2022
2023 2022
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
------------
Revenue 1,459 790 2,002
------------ ------------ -------------
Cost of sales (752) (383) (924)
------------ ------------ -------------
Gross profit 707 407 1,078
------------ ------------ -------------
Operating expenses (688) (749) (1,421)
------------ ------------ -------------
Operating profit/(loss) 19 (342) (343)
------------ ------------ -------------
Finance income 2 - -
------------ ------------ -------------
Interest payable (5) (3) (6)
------------ ------------ -------------
Profit/(loss) before taxation 16 (345) (349)
------------ ------------ -------------
Taxation - - 78
------------ ------------ -------------
Profit/(loss) for the period 16 (345) (271)
------------ ------------ -------------
Pence Pence Pence
Earnings per share
---- ----- ------ ------
Basic profit/(loss) per share [3] 0.01 (0.25) (0.20)
---- ----- ------ ------
Diluted profit/(loss) per share 0.01 (0.25) (0.20)
----- ------ ------
Consolidated statement of changes in equity
For the six months ended 31 March 2023
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
------------
Opening equity shareholders' funds 1,388 1,649 1,649
------------- ------------ -------------
Shares issued - 10 10
------------- ------------ -------------
Profit/(loss) attributable to equity
shareholders 16 (345) (271)
------------- ------------ -------------
Closing equity shareholders' funds 1,404 1,314 1,388
------------- ------------ -------------
Consolidated statement of financial position
As at 31 March 2023
As at As at As at
31 March 31 March
2023 2022 30 September
(Unaudited) (Unaudited) 2022
GBP'000 GBP'000 (Audited)
GBP'000
Non-current assets
------------- ------------ -------------
Intangible and tangible assets 514 425 464
------------- ------------ -------------
514 425 464
------------- ------------ -------------
Current assets
------------- ------------ -------------
Inventories 569 581 629
------------- ------------ -------------
Trade and other receivables 440 591 638
------------- ------------ -------------
Cash and cash equivalents 1,003 777 690
------------- ------------ -------------
2,012 1,949 1,957
------------- ------------ -------------
Total assets 2,526 2,374 2,421
------------- ------------ -------------
Current liabilities
------------- ------------ -------------
Trade and other payables 981 874 869
------------- ------------ -------------
Non-current liabilities 141 186 164
------------- ------------ -------------
Total liabilities 1,122 1,060 1,033
------------- ------------ -------------
Net assets 1,404 1,314 1,388
------------- ------------ -------------
Equity
------------- ------------ -------------
Share capital 1,368 1,368 1,368
------------- ------------ -------------
Share premium account 8,333 8,333 8,333
------------- ------------ -------------
Retained earnings (8,297) (8,387) (8,313)
------------- ------------ -------------
Equity shareholders' funds 1,404 1,314 1,388
------------- ------------ -------------
Consolidated cash flow statement
For the six months ended 31 March 2023
Six months Year ended
ended 30 September
31 March
2023 2022
(Unaudited) (Audited)
GBP'000 Six months
ended 31
March 2022
(Unaudited)
GBP'000 GBP'000
Cash flows from operating activities
------------- ------------ -------------
Operating profit/(loss) 19 (342) (343)
------------- ------------ -------------
Adjustments for:
------------- ------------ -------------
Depreciation 8 7 6
------------- ------------ -------------
Amortisation of intangibles 22 12 29
------------- ------------ -------------
Amortisation of right of use asset 21 20 40
------------- ------------ -------------
Impairment of inventories (14) 5 (11)
------------- ------------ -------------
Increase/(decrease) in provision for
warranty 3 (13) (7)
------------- ------------ -------------
Decrease/(increase) in inventories 74 (196) (224)
------------- ------------ -------------
Decrease in trade and other receivables 172 148 132
------------- ------------ -------------
Increase/(decrease) in trade and other
payables 105 64 41
------------- ------------ -------------
Net cash generated from/(used in)
operating activities 410 (295) (337)
------------- ------------ -------------
Corporation tax recovered - (5) 48
------------- ------------ -------------
Net cash inflow/(outflow) from operating
activities 410 (300) (289)
------------- ------------ -------------
Cash flows from investing activities
------------- ------------ -------------
Interest received 2 - -
------------- ------------ -------------
Purchase of tangible assets - - (2)
------------- ------------ -------------
Purchase of intangible assets (80) (103) (177)
------------- ------------ -------------
Net cash used in investing activities (78) (103) (179)
------------- ------------ -------------
Cash flows from financing activities
------------- ------------ -------------
Share issue - 10 10
------------- ------------ -------------
Lease payments (19) (16) (38)
------------- ------------ -------------
Net cash used in financing activities (19) (6) (28)
------------- ------------ -------------
Net increase/(decrease) in cash and
cash equivalents 313 (409) (496)
------------- ------------ -------------
Cash and cash equivalents at beginning
of period 690 1,186 1,186
------------- ------------ -------------
Cash and cash equivalents at end
of period 1,003 777 690
------------- ------------ -------------
Notes to the unaudited interim financial statements
For the six months ended 31 March 2023
1 Basis of preparation
The interim financial statements, which are unaudited, have been prepared on the basis of the accounting policies expected to apply for the financial year to 30 September 2023 and in accordance with recognition and measurement principles of International Financial Reporting Standards ('IFRSs') as adopted by the United Kingdom. The accounting policies applied in the preparation of these interim financial statements are consistent with those used in the financial statements for the year ended 30 September 2022.
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim financial reporting'. Accordingly, whilst the interim statements have been prepared in accordance with IFRSs, they cannot be construed as being in full compliance with IFRSs.
The financial information for the year ended 30 September 2022 does not constitute the full statutory accounts for that period. The annual report and financial statements for the year ended 30 September 2022 have been filed with the Registrar of Companies. The independent auditor's report on the report and financial statements for the year ended 30 September 2022 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.
2 Going concern
The interim financial information has been prepared on a going concern basis, which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.
3 Earnings per share ('EPS')
Basic earnings per ordinary share is based on the profit on ordinary activities before taxation of GBP16k (H1 2022 loss of GBP345k) and on 136,854,577 ordinary shares in issue throughout the period.
Diluted profit per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of dilutive potential ordinary shares, based on the share price at the end of the period. The Company's dilutive potential ordinary shares are shares issued under the Company's Enterprise Management Incentive ('EMI') scheme and options issued under the Company's Unapproved scheme.
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END
IR FLFSESIIEFIV
(END) Dow Jones Newswires
April 26, 2023 02:00 ET (06:00 GMT)
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