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LONDON - Image Scan Holdings PLC (AIM:IGE), a specialist supplier of X-ray screening systems, announced mixed financial results for the six-month period ending March 31, 2025. The company reported a decline in revenue to £350k, down from £1,061k in the same period the previous year. Despite improved gross profit margins, which rose to 59% from 54%, the company experienced a pre-tax loss of £422k, significantly higher than the £120k loss reported in the first half of 2024.
The company’s order intake fell sharply to £315k, compared to £1,136k in the prior year, and its period-end bank balance decreased to £512k from £759k. However, the period-end order book showed a substantial increase to £4,720k, compared to £729k the previous year.
Operational activities during the period included extensive marketing efforts and product demonstrations in various regions, including the UK, USA, Middle East, South East Asia, and Europe. Post-period, the company secured a noteworthy order exceeding £300k from Australasia for diplomatic security, underscoring interest in its new products and affirming its product development strategy.
CEO Vince Deery expressed disappointment with the first-half performance, attributing it to delays in a significant defence contract and geopolitical uncertainties affecting customer budgets and decisions. Nevertheless, the company remains optimistic about its pipeline of opportunities and is actively promoting its product range while managing costs.
The company’s financial position reflects a challenging period, with an order intake and revenue downturn but an encouraging order book for future realization. Image Scan’s strategy focuses on managing costs and promoting its product range in anticipation of market improvements and the resolution of defence contract delays.
This report is based on a press release statement from Image Scan Holdings PLC.
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