The CEO of Image Scan, the X-ray screening systems manufacturer, is “encouraged by the operational recovery achieved” amidst “disappointing” results for the year ended 30 September 2025 (FY25).
In a pre-close trading update for the year, the Leicestershire firm recorded revenue of approximately £1.6m, down from £2.9m in 2024, and a pre-tax loss of £0.3m, following a pre-tax profit of £0.2m.
The financial results were impacted by a slow start to the year and compounded by supply chain constraints and delays to a high-value contract. Trading in the second half was profitable, however, demonstrating a considerable operational turnaround.
The business’s forward visibility, meanwhile, remains strong, underpinned by a robust order book. As of 30 September 2025, the order book stood at £4.7m (FY24: £4.5m), which is expected to be delivered primarily in FY26 and FY27.
Vincent Deery, CEO of Image Scan, said: “We acknowledge that the timing challenges inherent in complex government procurement programmes, coupled with the supply chain difficulties that led to market guidance being withdrawn in August, have resulted in disappointing results for the year ended 30 September 2025.
“However, I am extremely encouraged by the operational recovery achieved. Following the significant loss recorded in H1, the second half of the year proved to be significantly profitable, which mitigated the full-year loss. The operational stabilisation is a testament to rigorous and sustained cost management.
“Crucially, we strengthened our closing cash position to £1.1m, demonstrating sound financial discipline in a difficult trading year. The robust £4.7m forward order book confirms the underlying and growing market demand for our high-performance security and defence solutions, providing excellent revenue visibility into FY26 and beyond. Furthermore, we are encouraged by activity levels post year-end and what appears to be a much more buoyant market environment.
“Our immediate focus is on accelerating the conversion and realisation of this substantial pipeline, including the delayed defence programme. Building on this strong foundation and enhanced liquidity, we remain focused on our product development and continue to evaluate strategic opportunities to accelerate our growth trajectory.”
