Image Scan, the specialist supplier of X-ray screening systems to the security and industrial inspection markets, has experienced a decline in sales and profits according to preliminary results for the year ended 30 September 2019.
Sales reduced by just over £1m to £2.4m in the period (2018: £3.5m), which the company says were impacted by delays in Government orders and a fall in sales to the Indian subcontinent.
Meanwhile the firm made an operating loss before tax of £403k, after making a profit of £48k in 2018.
Bill Mawer, Chairman and Chief Executive of Image Scan, said: “It is disappointing to be reporting a decline in sales and profits. However, while the portable X-ray market has undoubtably become more competitive, recent orders show that our strong product range and focused international sales activity can still deliver. I am pleased to report that we start the new financial year with an order book that includes more portable systems than were delivered in all of last year.
“In FY 2020 we will continue our focus on expanding the security product range and filling gaps in our international partner network as we look to drive organic growth in our key markets. We will also seek out larger security screening projects that build on our capability and expertise. The industrial screening market continues to present opportunities for growth as emissions control legislation tightens in key markets and we look for new customers for our sophisticated X-ray systems.
“The company has started the new year strongly and we expect to see a material improvement in our performance in the year.”