Image Scan Holdings PLC Trading Update (5175X)

TIDMIGE

RNS Number : 5175X

Image Scan Holdings PLC

01 September 2020

01/09/2020

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain

IMAGE SCAN HOLDINGS PLC

("Image Scan" or the "Company")

TRADING UPDATE

Image Scan, (AIM: IGE) specialists in the field of X-ray imaging for the security and industrial inspection markets, provides a trading update for the financial year to 30 September 2020, following better than expected performance in the second half.

The Company has continued to run its sales, manufacturing, and product development operations through the ongoing COVID-19 crisis. As anticipated in the interim results statement, the overall security technology market has been adversely impacted by the pandemic, but orders have continued to be received and equipment delivered. The initial impact of COVID-19 on the Company's supply chain has been mitigated and we are currently able to source the parts and subsystems needed for product sales.

While the year-end sales outcome is expected to be close to that anticipated, margins on orders received have been better than expected and the company has managed its overhead costs and stock carefully meaning that profits for the year will be ahead of current market expectations.

The Board now has sufficient confidence in the Company's trading to provide earnings guidance for the year ending 30 September 2020 of sales of GBP3.3m to GBP3.5m and a profit performance between breakeven and GBP100k.

Bill Mawer, Chairman and Chief Executive Officer of Image Scan commented: "I have been delighted by the outstanding effort of our entire team to keep all aspects of the business running through the COVID-19 crisis. This improvement in our anticipated results arises directly from their efforts. We expect the pandemic to continue to impact orders for some time but are moving forward with our new product development programmes in order to further improve our performance as the crisis wanes and the security technology market recovers."

The Company will provide a pre-close statement on its results for the year to 30 September 2020 in October 2020.

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: [phone] 
  William Mawer, Chairman and Chief Executive Officer    400 
  Sarah Atwell King, Finance Director and Company        [e-mail] 
  Secretary 
                                                       ---------------------- 
 W H Ireland                                            Tel: [phone] 
  Mike Coe/Chris Savidge (Corporate Finance)             3470 
                                                       ---------------------- 
 

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September 01, 2020 02:00 ET (06:00 GMT)