8th Dec 2015 09:04
LONDON (Alliance News) - Image Scan Holdings PLC on Tuesday blamed the "delayed availability" of its new portable X-ray system for losses in its last financial year.
Pretax losses widened to GBP640,430 in the year ended September 30, from GBP523,358 in the prior year, as revenue fell to GBP1.7 million from GBP2.2 million.
Order intake increased to GBP1.9 million from GBP1.5 million, with 40% of orders received in the final quarter of the year.
Bill Mawer, chairman and chief executive, said the new portable X-ray system has been released to the market, with the company's sales team and international partners demonstrating it to potential clients.
"As was expected, the initial orders are for small quantities and larger government contracts will take longer to process. It is the delayed availability of this system that is largely responsible for the losses in this report. However interest in the system is strong. The government funded work with Ibex Innovations on a system with even higher performance is at an early stage but has already produced some exciting results," Mawer said in a statement.
Meanwhile, Mawer said the company has seen a growing order book for its industrial inspection systems, which are used to perform quality inspections on emission control systems in the automotive industry.
"This is an area that is expected to grow as tighter legislation and controls are introduced following recent press attention. We are very well placed to benefit from that growth," Mawer said.
Shares in Image Scan were untraded at 1.67 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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