2nd Jun 2015 07:47
LONDON (Alliance News) - Image Scan Holdings PLC Tuesday reported a widened pretax loss in the first half of its financial year, as revenue took a hit from delays in availability of one of its portable x-ray products and it increased its investment in research and development.
Image Scan, which specialises in real-time x-ray imaging for the security and industrial inspection markets, reported a pretax loss in the six months to March 31 of GBP387,000, wider than the GBP59,000 loss made in the same period the year before, as revenue fell to GBP863,000 from GBP1.7 million.
It said that revenue was hit by the delayed availability of the replacement portable x-ray generator from its US-based supplier, which resulted in a lower revenue contribution of GBP362,000 from this part of the business, a significant decline on the GBP752,000 it contributed in the same period the prior year.
Image Scan also noted that expenditure more than doubled to GBP219,000 from GBP95,000 due to increased investments in research and development.
"With the launch of the new portable x-ray products, I am confident that we now have a highly competitive range of systems and an excellent route to market. I intend for portable x-ray to be the foundation of the company's recovery and growth and the basis from which we develop our position in adjacent markets," Chief Executive Bill Mawer said in a statement.
Shares in Image Scan were untraded on Tuesday, last quoted at 1.64 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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