Business
Board Appointment and Pre-Close Trading Update
Board Appointment and Pre-Close Trading Update.
About this update from Image Scan Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9542E Image Scan Holdings PLC 24 October 2018 \n\n24 October 2018\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain\n \nIMAGE SCAN HOLDINGS PLC\n \n(\"Image Scan\" or the \"Company\")\n \n \nBoard Appointment and Pre-Close Trading Update\n \nImage Scan (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets provides a pre-close trading update ahead of its results for the year ended 30 September 2018 and announces the appointment of Sarah Atwell-King to the board.\n \nKey Points:\n \n· Sales of £3.5m (2017: £5.0m) at a gross margin of 48% (2017: 39%)\n· Unaudited trading profit before exceptional expenditure and tax of approximately £45k (2017: £480k)\n· Exceptional costs of approximately £245k against the aborted acquisition of Todd Research Limited led to a loss for the year of £200k\n· £1.0m order for portable X-ray systems was cancelled, with the Company's agreement, in January 2018. The units were re-sold \n· Record number of industrial systems were delivered including to customers in the Eastern Europe and Asia \n· A new research and development programme to create a new range of security X-ray systems alongside the current portable range will be started in FY 2019\n· An internal restructuring has started with Sarah Atwell-King joining the board as Financial Director and the appointments of a new head of operations and sales manager \n· £780k of cash at the end of the period (2017: £1.2m)\n \n \nAfter a strong FY 2017, the Company, as previously announced, suffered two setbacks during FY 2018. The first of these was the cancellation of a large order from an important Asian customer in February; the second was the failure to garner support from the Company's largest shareholder for the intended acquisition of security X-ray company Todd Research Limited. The first of these contributed...