19th Apr 2016 09:00
LONDON (Alliance News) - X-ray imaging company Image Scan Holdings PLC Tuesday reiterated confidence in meeting market expectations for its full year as it reported a narrowed pretax loss for the first half.
For the half year to end-March the company reported a pretax loss of GBP64,000, narrowed from a pretax loss of GBP387,000 the year before, on revenue of GBP1.4 million, up from GBP863,000.
The company said it had seen a "significant change" in its product mix during the half year, with almost double the number of portable X-ray units being sold, which offset a decline in the number of Axis Conveyor scanning systems it sold. This shift in product mix helped improve the gross margin for its security segment to 41% from 32%.
Image Scan said the market for security X-ray systems remains strong, highlighting the continuing terrorist threat and an impact from recent incidents in Paris and Brussels. This threat has led to multi-unit procurements of its portable X-ray systems, and the company has submitted tenders against government requirements for further multi-unit orders, with decisions expected to be made in the second half of the year.
"Although we start the second half of the year with a healthy order book, the business will be focussed on continuing the momentum so far achieved and winning further orders," said Chairman and Chief Executive Officer Bill Mawer in a statement.
Shares in Image Scan Holdings were up 9.3% at 2.05 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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