7th Dec 2021 15:08
(Alliance News) - Shares in Image Scan Holdings PLC on Tuesday soared as the company reported a sharp rise in profit despite a fall in revenue.
Shares in the X-ray imaging systems provider were up 10% at 2.75 pence each on Tuesday afternoon in London.
The Leicestershire, England-based company reported a full-year pretax profit of GBP188,824, up 67% from GBP112,795 the year before.
Image Scan attributed this to a 18% decrease in overheads to GBP1.3 million from GBP1.6 million, bringing stronger margins.
Margins on portable X-ray sale, specifically, pushed overall margins to 53% from 49% the year before, the company said.
Revenue in the year amounted to GBP2.9 million, a 17% decline from the GBP3.5 million reported a year prior.
Nonetheless, the X-ray imaging systems provider maintained that service revenue remained constant, despite the impact of the pandemic on overseas travel.
Image Scan pays no dividend.
The company said it was finishing the year with an order book of GBP516,000, down 18% from GBP633,000 the year before.
"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 financial 2022," Chief Executive Bill Mawer commented.
By Abby Amoakuh; [email protected]
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