Business
Pre-Close Trading Update
Pre-Close Trading Update.
About this update from Image Scan Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1185R\n Image Scan Holdings PLC\n 03 November 2021\n \n \n \n \n 03/11/2021\n \n \n The 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 \n \n \n \n \n IMAGE SCAN HOLDINGS PLC\n \n \n (\"Image Scan\" or the \"Company\")\n \n \n \n \n \n PRE-CLOSE TRADING UPDATE\n \n \n \n \n Image Scan (AIM: IGE), the specialist supplier of X-ray screening systems to the security and industrial inspection markets provides a pre-close trading update of its unaudited results for the year ended 30 September 2021.\n \n Key Points:\n \n \n · Order bookings increased to £2.8m (2020: £2.4m)\n \n · Sales fell to £2.9m following weak first half (2020: £3.5m).\n \n · Gross margin increased to 53% (2020: 49%)\n \n · Strong control of overheads, reduced 18% to £1.3m (2020: £1.6m)\n \n · Reportable unaudited pre-tax trading profit of £189k (2020: £112k)\n \n · Pre-tax trading profit (adjusted for capitalized R&D spend) £98k (2020: £112k)\n \n · First orders for new cabinet X-ray systems\n \n · First orders for government customers in the USA\n \n · Period-end order book of £516k (2020: £633k)\n \n · Strong year-end cash balance of £1.2m (2020: £1.4m)\n \n The COVID-19 pandemic continued to impact activity, with foreign travel for trade shows, sales presentations and in-person customer service only starting to become possible at the very end of the period. Despite the challenges, the business traded throughout the pandemic and careful management of overheads allowed it to make a profit whilst continuing with its ambitious new product development programme.\n New orders increased to £2.8m (2020: £2.4m) and included both sales of new products, such as the Axis-CXi cabinet X-ray system, and sales to new customers in new territories. Among the new customer sales, those to government agencies in the USA and Canada were particularly significant, as the Company has invested in developing these important markets. Following a weak first half, sales strengthened to reach £2.9m (2020: £3.5m) at year-end and included a 30-unit portable X-ray sale to an Asian government. Margins were strong at 5...