Image Scan Holdings more than doubled its revenue and swung to a profit in the past year, in one of its strongest results in recent years.
The X-ray screening and inspection company said revenue rose to about £3.4m in the year to 30 September, from £1.6m, and that it expected a pre-tax profit of around £0.3m, compared with a loss the year before.
It credited newer products across its portable X-ray, industrial inspection and aftersales businesses, along with cost control, and said it had continued to win work from governments, defence and security contractors and industrial customers.
This is evidenced by a contract announced in June for 25 units of its ThreatScan® portable X‑ray systems.
Acquisition strategy
During the year, Image Scan acquired ClanTect, a maker of technology to detect people hidden in vehicles and containers, broadening its security offering.
Image Scan described the deal as the start of a wider acquisition strategy that is aimed at boosting revenues and improving operational efficiencies.
The company ended the year with an order book and cash both of around £1.4m, and said it was confident of building on its progress.
Vince Deery, Chief Executive Officer of Image Scan, said: “These results are a strong endorsement of the product strategy we have pursued.”
“We have deliberately broadened and strengthened our portfolio, bringing new products to market that address clear customer needs and expand the opportunities available to our international partners. Those products are now contributing materially to revenue and demonstrating the scale that can be achieved from the platform we have built.”