Image Scan shares surged on Thursday after the imaging firm reported a swing to profit in its half-year period to March 2026.
The provider of portable X-ray systems for security reported a sharp turnaround in its half-year results to 31 March 2026, with revenue jumping to £1.32m from just £350k in the same period last year as trading conditions normalised and opportunities cultivated during FY25 converted into sales.
Gross profit more than tripled to £679k from £205k, although the percentage margin slipped on a change in product mix. Cost discipline kept operating expenses largely in check at £608k (down from £630k), driving a pre-tax profit of £75k, compared with a £422k loss a year earlier.
This was welcome news for investors, and shares jumped 35%.
The balance sheet is in noticeably better shape, with cash up 86% to £955k and no debt, while the order book grew 44% to £1.27m, providing a more solid platform heading into the second half.
If the moment continues, Image Scan’s current market cap of £3m could start to look cheap.
The period was not without setbacks. The UK defence programme subcontracted via NP Aerospace was terminated for convenience by the end customer in February, a disappointing development, although not performance-related. Stripping that out, the underlying order book and pipeline have continued to strengthen, with growing traction for higher-specification solutions in the ThreatScan AS range.