Image Scan back in the black but wary of the future
Image Scan, the Leicestershire X-ray specialist, is back in the black after posting positive results for the six months to 31 March.
Revenue increased by 60% to £2.3m over the period, while the firm turned a loss of £178,000 in 2019 half-year results to a profit of £180,000 this time around.
Image Scan has revised its full-year prospects upwards. In a statement this morning, it said that the board considers that the company has a sufficient orderbook and short-term prospects of new orders to raise its earnings guidance for the year ending 30 September 2020 to sales of £3.3m and a loss before tax of approximately £90,000 (compared to current market expectations of sales of £2.99m with a loss before tax of £197,000). However, it warned against uncertainty over international Government spending on security systems during the COVID-19 pandemic, and is suspending guidance for 2021 and beyond.
Bill Mawer, chairman and chief executive officer of Image Scan, said: “This strong first half performance, and the healthy period-end cash balance, puts the company in a relatively strong position to weather the COVID-19 crisis. With outstanding support from our staff, we have, so far, been able to maintain both manufacturing and product development activity and have continued to make customer sales. Order intake has been impacted, with our Government customers focusing on healthcare rather than security, and we expect this to continue for some months.”
