REG - Image Scan Holdings - Interim Results
30/04/2026 07:02
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RNS Number : 4734C Image Scan Holdings PLC 30 April 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.
30 April 2026
Image Scan Holdings plc
("Image Scan", the "Company" or the "Group")
Interim Results
Image Scan, (AIM: IGE), the specialist supplier of X-ray screening systems to
the security and industrial inspection markets, today announces its interim
results for the six months ended 31 March 2026.
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
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/)
Chief Executive Officer's statement
Introduction
Image Scan Holdings plc is a specialist in innovative X-ray technology,
operating globally in the security and industrial inspection sectors. The
Company's principal activity is the design, manufacture, and supply of both
portable and fixed X-ray security screening systems to governments, security
organisations and law enforcement agencies. The Company also supplies
high-quality screening systems used in the manufacture of catalytic converters
and diesel particulate filters.
Financial results
Revenue for the period was £1,321k (H1 2025: £350k). Gross profit increased
from £205k to £679k despite the % margin decreasing due to the change in
product mix.
Operating expenses were £608k (H1 2025: £630k), reflecting the benefit of
cost control measures initiated in FY25.
The increase in sales to more typical historic levels, which along with the
controlled costs, led to a pre-tax profit of £75k in H1 2026 (H1 2025:
pre-tax loss off £422k).
The Company finished H1 2026 with an order book up 44% to £1,265k (H1 2025:
£879k 1 ).
At the period end, the Company had a cash balance up 86% to £955k (H1 2025:
£512k) and no debt.
Review of the period
During the first half of FY26, the Group delivered a markedly improved
financial performance compared with the same period last year, reflecting a
return to more normalised trading conditions and the successful conversion of
opportunities developed during FY25.
The stabilisation in market conditions and improved customer confidence during
H1 FY26 has been notable. Revenue for the period was largely driven by higher
activity levels across the business, evidenced by increased order flow through
the Group's international partner network.
The Company announced in February that the UK defence programme subcontracted
via NP Aerospace (the "NPA contract") which had already been subject to delays
had been terminated for convenience by the end customer. While extremely
disappointing it did not arise from any failure by NP Aerospace or Image Scan
to meet contractual obligations and was not performance‑related. The Company
continues to work constructively with NP Aerospace to draw the matter to an
orderly conclusion).
Pleasingly, order book, excluding the NPA contract, has improved and
reflects a strengthening pipeline of opportunities across the security and
defence markets, with growing traction for higher‑specification solutions
within the ThreatScan AS range.
During the period, the Company was actively involved in a number of
international exhibitions and end‑user demonstrations across multiple
regions. These activities have supported increased market engagement with
standard quote activity up by over 40% reinforces a more positive outlook for
the year as a whole, subject to contract timing.
Cash and cost discipline remained a priority throughout the period and is
evidenced by the Group's period‑end cash position and return to pre‑tax
profitability
Outlook
The Company enters the second half of FY26 in a stronger position than at the
same point last year, supported by improved trading momentum, a solid order
book and an opportunity pipeline across multiple geographies.
While geopolitical and macroeconomic uncertainty remains elevated and
continues to influence customer behaviour and procurement timing, current
activity levels across the Group's core markets are materially higher than
those experienced during FY25. The Board remains encouraged by increasing
engagement in higher‑value tenders, ongoing partner‑led demonstrations and
the strengthening of the Group's product offering.
The Board remains focused on disciplined execution, margin management and
selective investment to support sustainable growth. While the full-year
outcome remains dependent on the timing and delivery of second-half orders,
the Board believes the operational and commercial progress achieved in H1
provides a credible basis for a significantly improved full‑year outcome
compared with FY25.
.
Vince Deery
Chief Executive Officer
Consolidated income statement
For the six months ended 31 March 2026
Note Six months Six months Year ended
ended ended 30 September
31 March 2026 31 March 2025 2025
(Unaudited) (Unaudited)
£'000 £'000 (Audited)
£'000
Revenue 1,321 350 1,617
Cost of sales (642) (155) (671)
Gross profit 679 205 946
Gross profit % 51% 59% 58%
Operating expenses (608) (630) (1,238)
Operating profit/(loss) 71 (425) (292)
Finance income 5 5 8
Interest payable (1) (2) (4)
Profit/(loss) before taxation 75 (422) (288)
Taxation - - -
Profit/(loss) for the period 75 (422) (288)
Pence Pence Pence
Earnings per share
Basic profit/(loss) per share 3 0.06 (0.30) (0.21)
Diluted profit/(loss) per share 0.06 (0.30) (0.21)
Consolidated statement of changes in equity
For the six months ended 31 March 2026
Note Six months Six months Year ended
ended ended 30 September
31 March 2026 31 March 2025 2025
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Opening equity shareholders' funds 1,431 1,719 1,719
Profit/(loss) attributable to equity shareholders 75 (422) (288)
Closing equity shareholders' funds 1,506 1,297 1,431
Consolidated statement of financial position
As at 31 March 2026
As at As at As at
31 March 2026 31 March 2025 30 September
(Unaudited) (Unaudited) 2025
£'000 £'000 (Audited)
£'000
Non-current assets
Intangible and tangible assets 347 481 390
347 481 390
Current assets
Inventories 432 489 374
Trade and other receivables 632 302 422
Cash and cash equivalents 995 512 1,131
2,059 1,303 1,927
Total assets 2,406 1,784 2,317
Current liabilities
Trade and other payables 877 394 841
Non-current liabilities 23 93 45
Total liabilities 900 487 886
Net assets 1,506 1,297 1,431
Equity
Share capital 1,368 1,368 1,368
Share premium account 8,333 8,333 8,333
Retained earnings (8,195) (8,404) (8,270)
Equity shareholders' funds 1,506 1,297 1,431
Consolidated cash flow statement
For the six months ended 31 March 2026
Six months Six months ended 31 March 2025 (Unaudited) £'000 Year ended
ended 30 September
31 March 2026 2025
(Unaudited) (Audited)
£'000 £'000
Cash flows from operating activities
Operating profit/(loss) 71 (424) (292)
Adjustments for:
Amortisation of intangibles 43 32 66
Amortisation of right of use asset 23 21 46
Impairment of inventories 26 23 32
Increase in inventories (85) (119) (13)
(Increase)/decrease in trade and other receivables (209) 605 488
Increase/(decrease) in trade and other payables 12 (451) (15)
Increase/(decrease) in provision for warranty 1 (11) (10)
Net cash (used in)/generated from operating activities (273) (324) 302
Corporation tax recovered - - -
Net cash (outflow)/ inflow from operating activities (273) (324) 302
Cash flows from investing activities
Interest received 5 5 8
Purchase of intangible assets - (57) (43)
Net cash generated/(used) in investing activities 5 (52) (35)
Cash flows from financing activities
Lease payments (23) (23) (47)
Net cash used in financing activities (23) (23) (47)
Net (decrease)/increase in cash and cash equivalents (136) (399) 220
Cash and cash equivalents at beginning of period 1,131 911 911
Cash and cash equivalents at end of period 995 512 1,131
Notes to the unaudited interim financial statements
For the six months ended 31 March 2026
1 Basis of preparation
The interim financial statements, which are unaudited, have been prepared on
the basis of the accounting policies expected to apply for the financial year
to 30 September 2026 and in accordance with recognition and measurement
principles of International Financial Reporting Standards ('IFRSs') as adopted
by the United Kingdom. The accounting policies applied in the preparation of
these interim financial statements are consistent with those used in the
financial statements for the year ended 30 September 2025.
The interim financial statements do not include all of the information
required for full annual financial statements and do not comply with all the
disclosures in IAS 34 'Interim financial reporting'. Accordingly, whilst the
interim statements have been prepared in accordance with IFRSs, they cannot be
construed as being in full compliance with IFRSs.
The financial information for the year ended 30 September 2025 does not
constitute the full statutory accounts for that period. The annual report and
financial statements for the year ended 30 September 2025 have been filed with
the Registrar of Companies. The independent auditor's report on the report and
financial statements for the year ended 30 September 2025 was unqualified, did
not draw attention to any matters by way of emphasis, and did not contain a
statement under Section 498(2) or 498(3) of the Companies Act 2006.
2 Going concern
The interim financial information has been prepared on a going concern basis,
which assumes that the Company will have adequate resources to continue in
operational existence for the foreseeable future.
3 Earnings per share ('EPS')
Basic earnings per ordinary share is based on the loss on ordinary activities
before taxation of £75k (H1 2025 loss £422k) and on 136,854,577 ordinary
shares in issue throughout the period.
Diluted profit per share is calculated by adjusting the weighted average
number of ordinary shares in issue on the assumption of conversion of dilutive
potential ordinary shares, based on the share price at the end of the
period. The Company's dilutive potential ordinary shares are shares issued
under the Company's Enterprise Management Incentive ('EMI') scheme and options
issued under the Company's Unapproved scheme.
1 Excluding the NPA contract
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. END IR FLFERSRIAFIR
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