REG - Image Scan Holdings - Trading Update

Image Scan HoldingsAnnouncement

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RNS Number : 9856F  Image Scan Holdings PLC  04 November 2025

 

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.

 

 

IMAGE SCAN HOLDINGS PLC

("Image Scan" or the "Company")

Trading Update

Profitable second half, Cash Position Enhanced and Improved Order Book

Image Scan Holdings PLC ("Image Scan" or the "Company"), the specialist
provider of X-ray screening systems, today announced its pre-close trading
update for the year ended 30 September 2025 ("FY25").

The financial results for the full year were impacted by a slow start to the
year and compounded by supply chain constraints and delays to a high-value
contract. Pleasingly, as anticipated in the interim report, trading in the
second half was profitable and demonstrates a considerable operational
turnaround.

Financial Highlights (Unaudited)

Subject to audit, the Group expects to report the following key financial
metrics for FY25:

·      Revenue of approximately £1.6 m (FY24: £2.9 m).

·      An unaudited pre-tax loss of £0.3 m (FY24: pre-tax profit £0.2
m).

·      A robust cash position. As at 30 September 2025, the Group had
cash balances of £1.1 m (FY24: £0.9 m).

Operational Highlights and Key Factors

Key factors influencing the FY25 performance include:

·      H1 Slow: challenging start to the year, driven by specific timing
issues and external supply issues.

·      H2 Recovery: Following a significant loss in the first half of
the year, the second half proved to be significantly profitable. This
substantial operational rebound mitigated the overall full-year loss

·      Cost Discipline: The full-year loss was restricted due to the
rigorous cost management.

·      Contract Uncertainty: Delivery capacity was impacted by component
supplies and long lead times, which was previously notified in the trading
update on 21 August 2025.

·      Major Contract Delay: The financial performance was materially
affected by the slow progression of the previously announced major defence
contract into realisation.

·      Order Book and Forward Visibility

The Group's forward visibility remains strong, underpinned by a robust order
book:

·      As at 30 September 2025, the order book stood at £4.7 m (FY24:
£4.5 m), which is expected to be delivered primarily in FY26 and FY27.

·      This growing forward order book confirms the strong intrinsic
market demand for Image Scan's high-performance solutions to the security and
defence sectors, aided by industrial sector revenues particularly for support
services.

Looking Ahead

Image Scan remains focused on expanding its product range, strengthening its
market position, and accelerating the conversion of the substantial order
book. The Group is encouraged by activity levels post year-end and what
appears to be a much more buoyant market environment.

The strong financial position provides the Company with the financial
resilience and flexibility to pursue strategic growth.

Vincent Deery, Chief Executive of Image Scan, commented:

"We acknowledge that the timing challenges inherent in complex government
procurement programmes, coupled with the supply chain difficulties that led to
market guidance being withdrawn in August, have resulted in disappointing
results for the year ended 30 September 2025."

"However, I am extremely encouraged by the operational recovery achieved.
Following the significant loss recorded in H1, the second half of the year
proved to be significantly profitable, which mitigated the full-year loss. The
operational stabilisation is a testament to rigorous and sustained cost
management."

"Crucially, we strengthened our closing cash position to £1.1m, demonstrating
sound financial discipline in a difficult trading year. The robust £4.7m
forward order book confirms the underlying and growing market demand for our
high-performance security and defence solutions, providing excellent revenue
visibility into FY26 and beyond. Furthermore, we are encouraged by activity
levels post year-end and what appears to be a much more buoyant market
environment."

"Our immediate focus is on accelerating the conversion and realisation of this
substantial pipeline, including the delayed defence programme. Building on
this strong foundation and enhanced liquidity, we remain focused on our
product development and continue to evaluate strategic opportunities to
accelerate our growth trajectory."

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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