Sunday, May 9, 2021

X-ray specialist slips to a loss as COVID continues to impact performance

Image Scan, the Leicestershire-based specialists in X-ray imaging for the security and industrial inspection markets, says its performance has continued to be impacted by COVID-19 during H1 (the six months ended 31 March 2021).

However with a “sufficiently strong orderbook and pipeline of new business” the firm is expecting a stronger second half.

According to interim results, H1 revenue was £868k, down from £2.3m in the same period of 2020. Furthermore, the company made a loss before tax of £201k, in comparison to a profit of £180k in 2020.

Bill Mawer, Chairman and Chief Executive Officer of Image Scan, said: “We expected that the COVID-19 pandemic would continue to impact the flow of new orders into the business in the first half of this financial year, and that impact is reflected in these results.

“However, we are delighted that our new products are finding their first customers and that we have been able to open up new markets in North America and the UK.

“The new portable X-ray order and our strong new business pipeline point to a stronger performance in the second half, though we continue to monitor closely the potential impact of COVID-19 outbreaks in important markets such as India and Brazil.

“Nonetheless, we will continue our ambitious new product development programme as this is putting us in a strong position for when the effects of the pandemic diminish.”

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