Image Scan expects 'strong' FY sales and profit growth

10th Oct 2023 09:40

(Sharecast News) - X-ray screening systems provider Image Scan said on Tuesday that it expects to report "strong sales and profit growth" for the year ended 30 September.

Image Scan said unaudited revenue was expected to be roughly £3.0m, up from £2.0m, while pre-tax profit was pegged to be approximately £100,000, a marked improvement on 2022's loss of £350,000.

The AIM-listed firm told investors that it was "very pleased and encouraged" with its performance during the year given current market challenges.

Image Scan highlighted that the recent uplift in market activity seen at the time of its interim results had continued, while government opportunities that were suppressed or delayed by Covid-19 and its aftermath were now "actively progressing".

Restructuring and cost control programmes also contributed to the return to profit, which, coupled with "prudent cash management", helped the company close the year with £959,000 in cash, up from £690,000 a year earlier.

Chief executive Vince Deery said: "I am delighted with the work we have undertaken this year to ensure organisation changes and cost controls have had their impact which has helped deliver the hugely welcome return to profit.

"With the improving market conditions, we wish to build on this result and use the coming period working with significant shareholders to look at the strategic opportunities for growth as a listed business."

As of 0940 BST, Image Scan shares were up 11.76% at 1.90p.

Reporting by Iain Gilbert at Sharecast.com