3rd Dec 2019 12:03
(Alliance News) - Image Scan Holdings PLC on Tuesday reported a decline in sales and profits, but said it expects to see material improvement in its performance for the next year.
The X-ray screen supplier said for the year ended September 30 its revenue declined to GBP2.4 million from GBP3.5 million in the comparative period a year ago. Meanwhile its pretax loss widened to GBP401,811 from GBP201,850 a year ago.
The company said sales for the period reduced to GBP2.4 million from GBP3.5 million, impacted by delays in Government orders and a fall in sales to the Indian subcontinent, where, for the second year, budgets have been tight.
The company said some "significant orders" that have been expected during the year were delayed, in some cases until late in the quarter, leaving the business with an overall reduction in sales but a strong year end order book.
However, the company reported a "strong order bookings" of GBP3.9 million from GBP2.8 million, and said that new partners were taken on in a number of important territories and opportunities were identified in new markets.
Bill Mawer, chair and chief executive officer, said: "It is disappointing to be reporting a decline in sales and profits. However, while the portable X-ray market has undoubtedly become more competitive, recent orders show that our strong product range and focused international sales activity can still deliver."
"The company has started the new year strongly and we expect to see a material improvement in our performance in the year," Mawer said.
Image Scan Holdings shares were 0.4% up in London at 2.91 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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