REG - Image Scan Holdings - AGM Statement

Image Scan HoldingsAnnouncement

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RNS Number : 2287U  Image Scan Holdings PLC  25 February 2026

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

25 February 2026

 

 IMAGE SCAN HOLDINGS PLC

("Image Scan" or the "Company")

AGM Statement

 

Trading in the early part of FY26 has been significantly ahead of the same
period last year, supported by several notable contract wins already
announced. As a result, the Company now expects to record a small loss at the
half-year, reflecting stronger demand and an increased volume of activity
across multiple markets compared with H1 last year.

Market activity levels are considerably higher than at the same time last
year, with the sales team engaged across a wider range of tenders,
demonstrations, and partner-led opportunities. Our channel network continues
to strengthen and the introduction of the ThreatScan‑AS2, along with
enhancements to the ThreatScan- AS1, has broadened our competitive positioning
in higher specification tenders.

The announcement earlier this month of the termination for convenience of the
large UK defence programme subcontracted to Image Scan via NP Aerospace was
clearly disappointing.

It is important to note that the decision was not performance related and did
not arise from any failing by Image Scan or NP Aerospace. We remain in
discussions to reach an orderly conclusion to the termination process.

Although the defence programme had been expected to contribute materially to
FY27 and FY28 revenues, the Company has entered FY26 with a strong order book,
containing a number of our latest portable system, the ThreatScan-AS2.

In the industrial business, the anticipated decline in catalyst-related
capital equipment sales has been partially offset by the successful
introduction of a new software module giving enhanced inspection capability to
the existing installed equipment across the globe. Recurring service and
support contracts continue to provide a stable revenue stream and mitigate the
reduced demand for new industrial systems.

Despite the removal of the large defence contract, as at 31 January 2026 the
Company had a strong order book of £1.1 m (FY25 adj £0.7m) which contains a
number of our latest portable system, the ThreatScan-AS2. In addition as at 31
January 2026, the Company retains a solid cash position £1.1 m (FY25 £0.7m),
reflecting disciplined management and continued demand for both security and
industrial solutions and services.

The Company remains focused on accelerating growth through:

·      continued expansion of the ThreatScan portfolio, particularly
AS2;

·      increasing sales reach through our global partner network;

·      introducing additional complementary products, either internally
developed or factored; and

·      advancing opportunities for strategic partnerships, aligned with
our technical capabilities and international footprint.

Vincent Deery, Chief Executive Officer of Image Scan, commented: "We have had
a much stronger start to the year compared with the same period last year,
with several key contract wins and increased activity across all major
markets. While the termination of the UK defence programme is disappointing,
it was not performance-related, and we continue to progress discussions around
its orderly conclusion.

Our strengthened order book, promising sales momentum, and continued
innovation, particularly with the ThreatScan‑AS2, give us confidence as we
move into the second half of the year."

 

For further information on the Company, please visit: www.ish.co.uk
(http://www.ish.co.uk/)  and for further information on its products, please
visit: www.3dx-ray.com (http://www.3dx-ray.com/)

 

-ENDS-

 

Image Scan Holdings plc
                            Tel: +44 (0) 1509 817400

Vincent Deery CEO

Sarah Atwell-King, CFO & Company Secretary

 

 

Zeus - Nominated Advisor and Corporate Broker           Tel: +44 (0)203
829 5000

Mike Coe/James Bavister (Investment Banking)

 

ABOUT IMAGE SCAN HOLDINGS PLC

About Image Scan Holdings plc

The core activity of the Group is the manufacture of portable X-ray systems
for security and counter terrorism applications. The Group recently launched a
cabinet X-ray machine and is replacing its Axis range of checkpoint X-ray
systems with new machines developed with a partner. All these products are
taken to market across the world through a strong network of international
partners.

 

In addition, over the last seventeen years, Image Scan has developed and
manufactured industrial X-ray inspection systems, the MDXi range. The primary
market for these systems is in automotive emissions control where they are
used for quality control inspection of catalytic converters and diesel
particulate filters.

 

The visibility and reach of the Company's 3DX-Ray brand has been further
strengthened through a new LinkedIn profile focussed on its EOD and
counter-terrorism activities. This can be found at:
 https://www.linkedin.com/company/3dx-ray/
(https://www.linkedin.com/company/3dx-ray/)
(https://www.linkedin.com/company/3dx-ray/)

 

For further information on the Company, please visit: www.ish.co.uk
(http://www.ish.co.uk/)  - and for further information on its products,
please visit: www.3dx-ray.com (http://www.3dx-ray.com/)

 

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