Image Scan warns of losses following delayed government contracts
By Iain Gilbert
Date: Wednesday 26 Jun 2019
(Sharecast News) - X-ray screening systems supplier Image Scan told investors on Wednesday that security orders and sales had been "disappointing" during its third trading quarter and warned that it was now unlikely to meet market expectations for full-year sales and profits.
Image Scan said that several overseas government projects for portable X-ray systems, which had been expected to contribute to on-target earnings, had been delayed or postponed and were now "unlikely to be realised in this year's results".
In light of this, the AIM-listed business revealed it was now expected to record a loss for 2019, although the amount of red ink at year-end would still depend on orders due to be received in coming months.
Chairman and chief executive Bill Mawer said: "Historically, our second half sales have been substantially stronger than those in the first half, and in announcing our FY 2019 first-half results, we could see a strong enough pipeline to support our year-end expectations.
"That a number of those projects have not materialised is disappointing and has led to this revised view of the year-end."
As of 0945 BST, Image Scan shares had slumped 33.33% to 0.90p.
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