Leicestershire X-ray firm in £3.25m acquisition

Image Scan, the Leicestershire-based X-ray firm, has bought Todd Research, a Cambridge developer and manufacturer of X-ray systems from Supply 999 Holdings for £3.25m

Todd Research reported revenues of £2.1m, generating gross profit of £1.4 million and profit before tax of £470,000 in the 12 months ended 31 March 2018.

Bill Mawer, executive chairman and chief executive of Image Scan commented: “Image Scan is excited by the opportunities which this acquisition brings. We already know Todd Research well, having successfully sold their cabinet X-ray systems over the last two years. For us, the acquisition is about quality of earnings and growth and, with its recurring revenue, high profitability and synergistic product range Todd Research will significantly enhance our business. Our immediate focus will be to develop new export channels through our extensive network of international partners and we are already primed to do this.”