27th Feb 2019 11:18
LONDON (Alliance News) - Image Scan Holdings PLC on Wednesday said sales intake is behind expectations in the first half of current financial year due to contract delays.
Shares in the company were trading 22% lower at 1.80 pence each.
Ahead of its annual general meeting, the X-ray screening systems supplier said sales for the six months to March-end will be below expectations due to contract delays with international government customers. The company, however, expects sale recovery during the second half and meet expectations for the full year.
Image Scan said it has developed an organic growth plan with the short-term goal of returning its performance to the level achieved in financial 2017. This plan is driven by new initiatives to expand both the company's product range and its market access.
In addition, Image Scan said it has started a project to develop a new security portable X-ray system and discussions are advancing to further broaden the product range through partnership with other security technology companies.
"We are now moving forward rapidly with our recovery plan with the short-term aim to drive strong organic growth, diversifying our sources of revenue to deliver sustainable performance improvement and renew shareholder and investor confidence to the point where growth by acquisition can again be contemplated," said Chair & Chief Executive Bill Mawer.
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