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Image Scan Holdings

  • BY: Andrew Hore |
  • POSTED: 12/06/2014 |

X-ray screening systems supplier Image Scan Holdings increased its interim revenues by 57% to 1.68m.

In the six months to March 2014, the loss was slashed from 389,000 to 36,000. There have been strong sales of security products. There have been a number of sales of the FlatScan range of portable bomb and suspect package detection systems. Industrial revenues declined in the period. The order book is valued at 2.3m.

Bill Mawer was appointed chairman and chief executive in April and his initial focus is on product development combined with improving the sales function. In the short-term, Image Scan needs a newly developed replacement portable x-ray generator followed by additional new products.

Mawer was previously a consultant to the group and before that he ran the detection business of Smiths Group. Louise George stepped down as finance director in May.

There was 25,000 in the bank at the end of March 2014 but this figure has since risen to 190,000. There is an overdraft facility of 100,000. Image Scan has enough cash for the time being but may need more funds in order to develop further products.

At 3p a share, Image Scan is valued at 2.29m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2014_56.pdf

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