LONDON - Image Scan, a provider of X-ray screening systems, has reported a pre-close trading update for the fiscal year ended September 30, 2024, indicating a steady financial performance. The company expects to announce a revenue of approximately £2.9 million, which is consistent with the previous year's figures. Pre-tax profits are anticipated to have doubled from the fiscal year 2023, reaching £0.2 million.
The company attributes its strong second-half performance to several factors, including the launch of innovative products, successful government contract acquisitions, and effective cost management. These elements have reportedly driven market adoption and customer satisfaction, contributing to the company’s profitability.
Image Scan has also maintained a healthy cash balance, with £912k on hand at the end of the fiscal year. The company has continued to invest in product development, allocating £215k during FY24.
In a recent development, Image Scan secured a major contract last week with a defence contractor for the supply of its ThreatScan® portable X-ray system, valued at around £3m over three years. This contract is expected to contribute significantly to revenues and profits in fiscal years 2025 and 2026, reinforcing the company's order book, which stood at £4.5m as of September 30, 2024.
Looking forward, Image Scan plans to expand its product range and market presence, as well as explore potential acquisitions for further growth. The company's recent financial achievements and contract wins have provided a solid foundation for the upcoming fiscal year, instilling confidence in the Board for continued progress.
Vince Deery, the Chief Executive of Image Scan, expressed satisfaction with the company's FY24 performance, highlighting the significant increase in profitability and the strong cash position. He also emphasized the strategic importance of the recent contract awards with European defence partners for the company’s future growth.
This financial update is based on a press release statement from Image Scan.
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