Image Scan Holdings hikes H1 revenue and slashes losses

12th Jun 2014 14:19

X-ray scanner maker Image Scan Holdings (ISH) increased its revenue by more than half and slashed its losses, but said the second half would depend on the supply of a new product.Strong sales across its whole security product range helped ISH to boost revenue by 57% to £1.7m in the six months to March 31st.Post-tax losses fell to £36,000 from £389,000 as the group cut overheads by 22% to £576,000 after a restructuring drive last year.It had total confirmed orders in the year to date of £2.3m, having started the year with an opening order book of £1.2m and secured new orders of £1.1m. All outstanding orders were deliverable this financial year, it added. ISH said the rising sales in its core portable X-ray market were particularly encouraging.But it cautioned that keeping that momentum going would depend in the short term on the supply of a newly developed portable X-ray generator, to replace one no longer available, and in the medium term on developing new products.Chairman and Chief Executive Bill Mawer said: "Image Scan has a strong brand in its core markets; however, there is a need to accelerate product development to drive the business forward."Shares rose 0.5p or 18.2% to 3.25p at 14:52 in London.PW