CEO reveals plans to step down as manufacturer posts second successive year of profit
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Image Scan, the Leicestershire X-ray manufacturer, has reported a rise in profits for the 12 months to the end of September – despite turnover dropping.
The company saw its surplus move up from £112,000 in 2020 to £189,000 this time around on the back of a reduction in overheads of 18%. Turnover fell from £3.5m to £2.9m after a “subdued” first half.
Meanwhile, CEO Bill Mawer has revealed he is to step down in the new year.
He said: “It is gratifying to be able to report that a second profitable year has been delivered, despite the continuing Impact of the COVID-19 pandemic on our customers, our supply chains and our staff. Important firsts in the year included: first sales of the AXIS-CXi cabinet X-ray machine, first portable X-ray sales in North America and key new customers in the UK. The product development programme continues to move forward, and I look forward to launching more new products in FY22.
As part of the board’s succession plan, I will relinquish the CEO role in January and we will appoint Vincent Deery, currently sales director, as interim CEO. Vince and I have worked closely on the development of the organic growth plan for the business, and I have every confidence in his ability to play a larger part in implementing that plan. I will continue to drive strategy and product development, allowing Vince to focus on sales and operations. All the board remain optimistic for the future of Image Scan.”