LONDON (ShareCast) - Shares in Image Scan fell after it said full year revenues would be lower than last year despite growth in its order book.

The company, which specialises in x-ray imaging for the security and industrial inspection market, said it took £3.3m of new orders in the year to the end of September, up 32% from the £2.5m it took in the previous year.

However, the lead time for key components has meant that a significant proportion of these sales will now fall into the first quarter of 2014, it said. As a result revenues for the full year will be £2.5m, down from £4.3m last time.

Chief Executive Louise George said: "Whilst the intake of new orders during the year has been an encouraging sign of the underlying progress of the company, the uneven phasing of these orders has resulted not only in disappointing interim results but also lower reported revenue for the whole year."

George added that following a restructuring during the year and given the ongoing volume of sales the board believed it had cut overheads to a level at which the company could become viable on a sustainable basis.

But shares in the company, whose customers include bomb disposal teams, police, prisons, ports and airports, shed 4.6% to trade at 2.62p at 08:19 on Thursday.

TB

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