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Image Scan swings to profit on strong sales growth
StockMarketWire.com
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X-ray screening systems supplier Image Scan reported performance that topped its guidance after swinging to an annual profit on strong sales growth.
For the year ended 30 September 2020, pre-tax trading profit was £112,000, compared with a loss of £402,000 year-on-year, exceeding the company's previous guidance of a profit of £0 to £100k.
Sales increased 50% to £3.5m at a gross margin of 49%, down from 54%.
'In the second half of the year COVID-19 impacted both security spending by governments and investment in new plant in the automotive sector, resulting in a reduced flow of new contracts,' the company said.
Orders received in the year totalled £2.4m, down from £3.9m, and ended the period with an order book of £633K, down from £1.7m last year.
Looking ahead, the company said the recent launch of the Axis-CXi cabinet X-ray machine 'should bring new customers and new sources of revenue.'
At 8:37am: (LON:IGE) Image Scan Holdings PLC share price was +0.05p at 2.4p
Story provided by StockMarketWire.com
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