25 May 2012

Losses trimmed at Image Scan

23/12/2008 Robert Tyerman

Image Scan, specialist in x-ray scanning for security and industrial inspection, has cut annual losses 58 per cent to £377,269.

The Melton Mowbray-based company increased sales by a third to £2 million in the year to September, which it ended with £1.5 million cash. Chairman Gilbert Chalk says security sales were steady, but industrial sales suffered from the completion of the last £400,000 of a major contract with British Nuclear Group.

Since its September year-end, AIM-quoted Image Scan, which has cut its workforce and trimmed its board structure, has won a new order from China worth £630,000 and another from industrial group Johnson Matthey for a new plant in Japan. These bring the current order book to £743,000, though Chalk warns that other expected orders have been delayed because of the motor industry slowdown and says it is ‘difficult to predict’ when current sales prospects in the security sector ‘will be converted into firm orders’.

Floated at 65p in 2002, Image Scan’s shares have taken a pounding and now languish at 2p. That values the company at a mere £1.4 million.

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Sector: Electronic & Electrical Equipment

Companies: Image Scan

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