8th Apr 2014 09:39
LONDON (Alliance News) - Image Scan Holdings PLC said that whilst its revenues for the half year ended March 31, 2014, are on target, its performance in the second half will rely on an "marked increase" in the level of order intake.
This includes securing two significant contracts that are deliverable within the year, it said.
The imaging technology company said it had GBP2.1 million of orders in the current year, GBP1.6 million of which was booked to revenue in the half year, as demand increased for its portable FlatScreen security systems.
It won a 13-unit contract for the FlatScreen systems in January, and also recently won a contract for industrial inspection systems worth GBP300,000.
Due to an onerous nuclear contract and its limited resource base, Image Scan has restricted its research and development activities in recent years, it said. However, it is now exploring ways to accelerate product development, and following its general meeting April 11, will appoint Bill Mawer as chairman and chief executive officer.
Mawer will take responsibility over new technologies and the associated development of those products.
"As the onerous nuclear contract draws to a close, the company's development team will be refocused onto the expansion of our core standard products, from which a more regular and sustainable flow of orders can be secured," said Chairman Brian Emslie in a statement Tuesday.
The company plans to release its interim results on June 12.
Shares in Image Scan were trading down 2.7% at 3.77 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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