X-ray screening systems company Image Scan Holdings (IGE) was previously, recently, featured with bank a more than 100%, less than four week gain. Enjoy!. Now results for its year ended 30th September 2019…
These show an increased £0.4 million loss on revenue 32% lower than in the prior year, at £2.4 million, with cash down to £0.6 million and total current assets to £2.1 million – against liabilities of £0.9 million. The shares have though currently responded higher, above 3p – and a £4 million market cap. Hmmm. It is with the results stated to “reflect the low order book with which the group started the year and a long period where order intake continued at a relatively subdued level. Orders were impacted by delays or cancellations to procurement programmes by key international customers. Additionally, sales of industrial systems returned to a more normal level after the record high of the previous year. However… the final quarter saw a turnaround in order intake... The period ended with an orderbook of £1.7m (2018: £465k), most of which should be delivered in the first half of FY 2020”.
The company added “we continue to see opportunity in the market for inspecting automotive catalytic converters and diesel particulate filters”, though also “some countries… have decreased their assessment of the security threat level, which might be expected to lead to softness of budgets for security equipment. Additionally, portable X-ray is a small, niche market, within which many governments have sufficient equipment to meet their short-term needs and face an increasing choice of suppliers when they do run procurement programmes in this category. In response to this, the group is planning upgrades to its portable X-ray systems and is focussing attention on less highly penetrated markets such as those in South America and Eastern Europe”.
However, together with most of the noted order book “should be delivered in the first half”, that looks to mean clear risk on order intake returning to a more subdued level. There is also perhaps risk in “the opportunities for acquisition will be limited by the current low share price and market capitalisation… In the longer term, the board continues to believe that a blend of organic and acquisition growth is the best way to deliver shareholder value, as the greater scale will provide both protection from market shocks and stronger amortisation of the relatively high fixed costs associated with a stock market listing”. As such, I’ll continue to monitor this but currently only on the watchlist.
Filed under: Image Scan Holdings, M&C Saatchi, LoopUp, Yourgene Health, Quiz plc, Tricorn
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